Neoclassical economics insists that a separate class of goods, called “public goods,” cannot, because of their peculiar characteristics, be efficiently provided by the market and must instead be financed and produced by the state. The Austrian School rejects this line of argument. Today Jakub Wisniewski, author of a new book on the subject, takes on public goods theory and addresses the two toughest cases: law and defense services on the market.
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Book Discussed
The Economics of Law, Order, and Action: The Logic of Public Goods
Related Episodes
Ep. 864 The Bogus Public Goods Rationale for Government
Ep. 597 Can the Private Sector Protect Against Crime? This Case Study Will Blow Your Mind (Dale Brown)
Ep. 557 The State’s Corruption of Private Law, or We Don’t Need No Legislature (Stephan Kinsella)
Ep. 183 Private Defense? (Robert P. Murphy)
Ep. 136 Private Law? (Bob Murphy)
Ep. 130 The Fallacies of ‘Public Goods’ (Jeff Herbener)
Ep. 94 Public Goods, Private Communities (Fred Foldvary)
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Audio by Chris Williams Audio.
