tag:blogger.com,1999:blog-18934603.post115082725218285178..comments2024-02-26T10:25:52.212-08:00Comments on The Radical Libertarian: The absurdity of "market failure"Aaron Kinneyhttp://www.blogger.com/profile/12059982934663353474noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-18934603.post-1161516603843574582006-10-22T04:30:00.000-07:002006-10-22T04:30:00.000-07:00But this inevitably leads the statists to label ma...<I>But this inevitably leads the statists to label many things "public goods," which are not in any true sense, actually public goods. For instance, education - it is perfectly excludable; only the recipient of education reaps the full rewards.</I><BR/><BR/>Excellent, Doinkicarus. I never thought of public goods that way before.Aaron Kinneyhttps://www.blogger.com/profile/12059982934663353474noreply@blogger.comtag:blogger.com,1999:blog-18934603.post-1160683895230561372006-10-12T13:11:00.000-07:002006-10-12T13:11:00.000-07:00The strongest argument for market failure, as such...The strongest argument for market failure, as such, is the public goods argument. But this inevitably leads the statists to label many things "public goods," which are not in any true sense, actually public goods. For instance, education - it is perfectly excludable; only the recipient of education reaps the full rewards. We might likewise classify any product as a "public good," although excludable, everybody benefits in some manner (though miniscule) from my acquisition of an automobile.<BR/><BR/>Ronald Coase demolished the "Lighthouse Problem" which was standard fare in Econ textbooks years ago, with a little bit of historical research.David_Zhttps://www.blogger.com/profile/15219164522772093422noreply@blogger.com