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Thread: Molyneux on Market Failure (or lack thereof)

  1. #1

    Default Molyneux on Market Failure (or lack thereof)

    Radical in the sense of being in total, root-and-branch opposition to the existing political system and to the State itself. Radical in the sense of having integrated intellectual opposition to the State with a gut hatred of its pervasive and organized system of crime and injustice. Radical in the sense of a deep commitment to the spirit of liberty and anti-statism that integrates reason and emotion, heart and soul. - M. Rothbard



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  3. #2

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    "libertarianism is a bit of a sausage fest at times"

    Stefan Molyneux is pretty darn awesome. Hopefully one day he'll offer his feedback on pragmatarianism.

  4. #3

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    The root concept of "how do we build roads?" always comes down to some Statist arguing for "free rider" problems.

    However, there is no such thing as a free rider problem in economics.

    All transactions occur between a buyer and a seller.

    A transaction occurs when both parties see MORE value in what they receive then what they trade away, otherwise, they would decline the trade.

    If a trade does not occur, there is ...self-evidently... no transaction.

    If a trade occurs, a transaction occurs and after the parties have settled, the transaction ends. And that is the end of that.


    ***NOTE****

    No where in any of this do we measure the perception of value of some observer watching this trade. No other party other than the buyer and seller are at all considered in the completion or discarding of this trade.

    So if a person pays for something he values and it merely happens it also provides (due to its existence) value to others does not change a darn thing regarding the transaction and the satisfaction of value. The "others" who receive some residual benefit are never considered a part of the transaction as they are neither a buyer or a seller - a "free rider" problem simply cannot exist as it can never be a part of the success of a transaction!

    Free rider problems are a fantasy and used often as a red-herring to justify violence in obtaining economic goods.

  5. #4

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    stephan kinsella gives an example of drive in theaters of the 40s and 50s.people would sit in the hills closeby and watch the movie for free.the theater owners came up with the solution of smaller(and multiple ) speakers installed closeby so that the sound would not leak out.ofcourse this cost the owners some money.but they got rid of the free riders.
    thus,the sellers free rider problem is his business model problem. it is not a market failure.it costs more if you want to eliminate free riders and if you think it is worth your money to solve that 'problem' go ahead and shell out for it.dont get the govt to legislate and ban sitting on hills to watch movies.
    market failure is a term invented by lazy thinkers






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