Tag Archives: business
Will There be Regulations in a Libertarian Society?
Libertarians and conservatives often talk about the importance of deregulation in order to free up the economy and create more prosperity. However, regulations often solve very real problems and conflicts that otherwise might be difficult to deal with. For example, how do we incentivize drivers to drive safe? The mere threat of an agorist lawsuit against the perpetrator of an accident is not enough to get a driver to be safe. And what about pollution? Surely, courts could rule a class action lawsuit against a nearby factory belching smoke, but there are a lot of costs on both ends. Insurance solves almost every single one of these issues. In fact, some have claimed that government itself is an insurance program. Already in the hampered market we live in, insurance exists and protects us from each other and acts of God.
No, Its Not Time to Break Up Google
A recent article in the infamous New York Times claims that Google, Facebook, and other tech companies are monopolies “in classic economic terms”. Such a statement is always funny coming from someone guaranteed to be completely ignorant of classic economics. In fact, none of these are monopolies. A monopoly is usually defined as a exclusive control of a good or service in a market. Just about every dictionary I consulted emphasized exclusivity, and sometimes a government grant. Aha!
Was the United incident a market failure?
As almost everyone knows by now, a doctor was violently physically removed from a United Express plane a couple weeks ago because he needed to be in Kentucky the next day for his patients. United mistakenly overbooked the plane and at the last minute, four employees approached, saying they needed to board to crew a plane from Louisville the next day. Airline representatives offered passengers a rebooked flight, hotel, and $400, but nobody took it up. Then, they offered $800 and still no one took it up. Usually, airlines will go higher, but for some reason, they chose instead to have a computer randomly kick four people off who had already boarded and settled into their seats. The first two were a couple who willingly left, then our latter day hero was selected and absolutely refused, saying he had appointments the next day. Instead of being reasonable and asking for proof or taking him at his word, they insisted he leave, and soon called security, who literally beat him bloody and dragged him off the plane, likely causing a concussion and other massive damage. Passengers started recording and screaming about the unfairness, setting up United for the absolute worst public relations disaster for a company in years, only to be exacerbated by an arrogant CEO. The settlement is expected to be in the hundreds of millions, and deservedly so.
Do the Rich owe Society anything?
Leftists often claim that successful businesses owe society for all the money they have made. Those capitalist bastards took all our money and gave us nothing in return, right? This, of course, makes absolutely no sense. How did they get that money if not by selling us their products which we wanted? If anything, we got the better deal: a physical good or service in exchange for some paper (or an electronic ledger record these days).