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Thread: how do laissez-faire advocates account for externalities

  1. #1
    Registered Users Regular Rayne's Avatar
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    Default how do laissez-faire advocates account for externalities

    i tried googling this but all the explanations are hand wavy. i wish there were more libertarians over here so i could pick their brains.

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    what about .. eyebrows God's Avatar
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    generally they will say a free market legal system will evolve around them to deal with them satisfactorily. how exactly they will be treated of course "we cannot know," but they assure us it will be better than the government does. thats pretty much the gist of it. hayek or someone might have written more at length about them.

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    Registered Users Regular Rayne's Avatar
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    yeah... hand wavy

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    This pic is definitely of me!! Solly's Avatar
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    The part that bothers me is that if a legal system of necessary complexity were to "naturally evolve", there would essentially be an economically minded government anyways, just not formalized.

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    Registered Users Regular Rayne's Avatar
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    elaborate

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    This pic is definitely of me!! Solly's Avatar
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    What is the difference, beyond semantics, between a "naturally evolving" laissez-faire legal system with enforcement, and a government that creates economic regulation?

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    Registered Users Regular Rayne's Avatar
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    i havent put a lot of thought into it but all the legal system in a laissez-faire society would have to do apart from criminal justice is robustly develop property rights. i dont see how economics comes into play here since regulation of any sort beyond protection of ownership is non-existent.

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    This pic is definitely of me!! Solly's Avatar
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    oic, kind of like an honour system

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    what about .. eyebrows God's Avatar
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    Quote Originally Posted by Solly View Post
    What is the difference, beyond semantics, between a "naturally evolving" laissez-faire legal system with enforcement, and a government that creates economic regulation?
    most serious libertarians won't subscribe to any kind of official enforcement. private courts will be set up to handle disputes and if one party does not adhere to the settlement they will no longer be served by that law company, security companies may refuse to do business with them, etc. to libertarians, the threat of ostracism is the enforcement basically. so yes many libertarians very much say a libertarian society would rest on a highly developed 'honor system.'

    for the libertarians who want private law with explicit enforcement, and there are many, theres just no making sense of their beliefs.

  10. #10
    Registered Users Regular Rayne's Avatar
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    Quote Originally Posted by God View Post
    most serious libertarians won't subscribe to any kind of official enforcement. private courts will be set up to handle disputes and if one party does not adhere to the settlement they will no longer be served by that law company, security companies may refuse to do business with them, etc. to libertarians, the threat of ostracism is the enforcement basically. so yes many libertarians very much say a libertarian society would rest on a highly developed 'honor system.'
    thats so prone to abuse its ridiculous

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