An Austrian reassessment of the theory of "public goods": what is left (and right)?

Rosolino Candela and Vincent Geloso

Chapter 8 in A Research Agenda for Austrian Economics, 2023, pp 145-162 from Edward Elgar Publishing

Abstract: This chapter is motivated by the following questions: what are the implications of an Austrian reassessment of the theory of public goods? What would be left to say that's right about public goods? The implicit assumption in the conventional theory of public goods is to frame it as an outcome of its emergence and neglect to address the process by which so-called “public goods” emerge. Redirecting our focus on this cumulative process sheds light on two important points: the non-rivalrous aspect of public goods is a by-product of overcoming rivalry in the first place via the endogenous formation of excludability mechanisms. Second, an Austrian reassessment of the theory of public goods completely transcends the inherent distinction between public and private goods and, with it, negates the most important economic justification for state intervention.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2023
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