How do we replace the state? How do we privatize the public sector? This essay shows that Murray Rothbard provides concrete answers to the economic doctrine of market failure. In response to arguments about why, in theory, markets cannot produce particular goods or services, Rothbard offers realistic scenarios to explain how markets can replace everything government does. He cuts the legs out from under the theoretical arguments that markets “fail.”
Randall G. Holcombe is a Senior Fellow at the Independent Institute, DeVoe Moore Professor of Economics at Florida State University, and author of the Independent book Liberty in Peril: Democracy and Power in American History.
EconomistsEconomyFree Market EconomicsPhilosophy and Religion
Other Independent Review articles by Randall G. Holcombe
Winter 2023/24 Rethinking Economics as Social Theory
Spring 2023 Generation Gap: Why Baby Boomers Still Dominate American Politics and Culture
Winter 2022/23 Handbook of Alternative Theories of Political Economy
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