Ep. 1277 Private Law and Defense Are No Problem, or The Shortcomings of Public Goods Theory

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.