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The Market Never Fails

  • Dec 22, 2013 · 5:00 PM
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Now that we have mastered (ok, at least become acquainted with) the basics of Austrian economics, we will begin to look critically at collectivist and coercive economic policies and see if we can use our new economic understanding to determine whether or not they produce their intended or expected results.

Collectivists make a big deal about the problems with markets, like externalities, free riders, and "the tragedy of the commons". Let's figure out what they mean by these terms and see if we agree that these are instances of "market failure".

And is there really such a thing as a public good?



Free Ride -

Freeloaders -

A, O, Way To Go Ohio -

Ja! diesem Sinne bin ich ganz ergeben,
Das ist der Weisheit letzter Schluß:
Nur der verdient sich Freiheit wie das Leben,
Der täglich sie erobern muß. -



Public Spending and Public Goods - DiLorenzo -



Public Good -

One Man Gathers What Another Man Spills - Callahan, Economics for Real People Chapter 15 -

Can Dikes Be Private? -

The Privatization of Public Services -

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  • Andy J.

    I hate to say that this topic have me some new respect for homeowners' association, which I don't like. But at least they're better than government.

    1 · December 22, 2013

    • Klaus

      At least it is voluntary. Still, many times they are run by busybodies.

      December 22, 2013

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