Road and Highway Privatization

https://www.lewrockwell.com/lrc-blog/road-and-highway-privatization/

Dear Ben:

It is a waste of my time to answer questions on issues I or others I support have already published on. So, you’ll forgive me, please, for just mentioning writings where there are already good responses.

Otherwise, I’ll answer specifically.

Best regards,

Walter

From: Benjamin Nadelstein

Subject: Re: Fan Question

I am a Communication Major and a Theater and Music (Vocal Jazz) Minor. This past year I have been delving much more into Economics and Politics because I find it so interesting but only informally and on my own. Mises U and their videos on YouTube have been a goldmine!

My questions for the privatization of roads is doesn’t the government (even though it uses force to do it) have an easier and cheaper way of building the roads because of use of scale and bargaining with road builders? The example being a large highway needed to be built is cheaper and better built (maybe not managed) by a lump sum and large scale buyer (100’s of miles of road) instead of sections of road being built privately which would have separate deals with builders and owners of each section of the road? Just a thought on how economies of scale are useful even though they use force?

Read this:

Block, Walter E. 2009. The Privatization of Roads and Highways: Human and Economic Factors; Auburn, AL: The Mises Institute; http://www.amazon.com/Privatization-Roads-And-Highways-Factors/dp/1279887303/ref=sr_1_1?s=books&ie=UTF8&qid=1336605800&sr=1-1; available for free here: http://mises.org/books/roads_web.pdf; http://mises.org/daily/3416; http://www.walterblock.com/wp-content/uploads/publications/radical_privatization.pdf; audio: http://store.mises.org/Privatization-of-Roads-and-Highways-Audiobook-P11005.aspx; http://www.audible.com/pd/Business/The-Privatization-of-Roads-and-Highways-Audiobook/B0167IT18K?tag=misesinsti-20; http://us1.campaign-archive1.com/?u=bf16b152ccc444bdbbcc229e4&id=6cbc90577b&e=54244ea97d

http://www.sanfranciscoreviewofbooks.com/2017/09/book-review-privatization-of-roads-and.html

My question about smoke detectors is as follows: Since private property should be protected, shouldn’t everyone be mandated (government force) to have a smoke detector? They cause little or no damage to the house, add value to the house and are relatively cheap and they stop fires from spreading (the point being spreading onto other people’s property). This would be an example of something that preemptively protects property rights and therefore could be a “legitimate” use of force by the government. Nobody is harmed by getting one and it protects not only the homeowners house from being destroyed but more importantly it protects everyone in a nearby area’s homes from being destroyed. Should people be forced to get such a device since it is relatively easy to do (low burden and cost) and preemptively protects property rights?

<< Vanilla ice cream is good. Should the govt force everyone to have some? How about lima beans, vitamin C? Insurance companies do have an incentive to make this sort of thing a quid pro quo.

My question on Monopoly is a comment on something you have addressed. I believe you were discussing how oil companies (standard oil) could try to attack and bankrupt competitors one by one and use predatory pricing to systematically to destroy competition. I liked your explanation (and comment on how bankruptcy makes new possible competitors even more dangerous ((Washington Post)) but was wondering what happens when the firm in question creates something that can not be bought by competing firms (oil is oil but iphones are not androids). This also gets down to your question on what is an industry which I agree is hard to define if not arbitrary.

<<For an Austrian critique of neoclassical monopoly theory, see Anderson, et. al., 2001; Armentano, 1972, 1982, 1989, 1999; Armstrong, 1982; Barnett, et. al., 2005, 2007; Block, 1977, 1982, 1994; Block and Barnett, 2009; Boudreaux and Costea, 2003; DiLorenzo, 1992, 1996; DiLorenzo and High, 1988; Henderson, 2013; High,1984-1985; Hull, 2005; McChesney, 1991; McGee, 1958; Rothbard, 2004; Shugart, 1987; Smith, 1983; Tucker, 1998A, 1998B

Anderson, William, Walter E. Block , Thomas J. DiLorenzo, Ilana Mercer, Leon Snyman and Christopher Westley. 2001. “The Microsoft Corporation in Collision with Antitrust Law,” The Journal of Social, Political and Economic Studies, Vol. 26, No. 1, Winter, pp. 287-302

Armentano, Dominick T. 1972. The Myths of Antitrust, New Rochelle, N.Y.: Arlington House.

Armentano, Dominick T. 1982. Antitrust and Monopoly: Anatomy of a Policy Failure, New York: Wiley

Armentano, Dominick T. 1989. “Antitrust Reform: Predatory Practices and the Competitive Process.” Review of Austrian Economics. Vol. 3, pp. 61-74. http://www.mises.org/journals/rae/pdf/rae3_1_4.pdf

Armentano, Dominick T. 1999. Antitrust: The Case for Repeal. Revised 2nd ed., Auburn AL: Mises Institute

Armstrong, Donald. 1982. “Competition versus Monopoly: Combines Policy in Perspective.” The Fraser Institute: Vancouver, BC, Canada

Barnett, William, Walter E. Block and Michael Saliba. 2005. “Perfect Competition: A Case of ‘Market-Failure,’” Corporate Ownership & Control. Vol. 2, No. 4, summer, p. 70-75

Barnett, William II, Walter E. Block and Michael Saliba. 2007. “Predatory pricing.” Corporate Ownership & Control, Vol. 4, No. 4, Continued – 3, Summer; pp. 401-406

Block, Walter E. 1977. “Austrian Monopoly Theory — a Critique,” The Journal of Libertarian Studies, Vol. I, No. 4, Fall, pp. 271-279.

Block, Walter E. 1982. Amending the Combines Investigation Act, Vancouver: The Fraser Institute.

Block, Walter E. 1994. “Total Repeal of Anti-trust Legislation: A Critique of Bork, Brozen and Posner, Review of Austrian Economics, Vol. 8, No. 1, pp. 35-70.

Block, Walter and William Barnett. 2009. “Monopsony Theory.” American Review of Political Economy. June/December, Vol. 7(1/2), pp. 67-109; http://www.arpejournal.com/ARPEvolume7number1-2/Block-Barnett.pdf; http://www.arpejournal.com/

Boudreaux, Donald J., and DiLorenzo, Thomas J. 1992. “The Protectionist Roots of Antitrust,” Review of Austrian Economics, Vol. 6, No. 2, pp. 81-96

Costea, Diana. 2003. “A Critique of Mises’s Theory of Monopoly Prices.” The Quarterly Journal of Austrian Economics. Vol. 6, No. 3, Fall, pp. 47-62; http://www.mises.org/journals/qjae/pdf/qjae6_3_3.pdf

DiLorenzo, Thomas J. 1996. “The Myth of Natural Monopoly,” Review of Austrian Economics, Vol. 9, No. 2, pp. 43-58; http://www.mises.org/journals/rae/pdf/rae9_2_3.pdf; https://mises.org/library/myth-natural-monopoly

DiLorenzo, Tom and Jack High. 1988. “Antitrust and Competition, Historically Considered,” Economic Inquiry, Vol. 26, No. 1, pp. 423-435, July.

Henderson, David R. 2013. “The Robber Barons: Neither Robbers nor Barons.” Library of Economics and Liberty. March 4;

http://www.econlib.org/cgi-bin/printarticle2.pl?file=Columns/y2013/Hendersonbarons.html

High, Jack. 1984-1985. “Bork’s Paradox: Static vs Dynamic Efficiency in Antitrust Analysis,” Contemporary Policy Issues, Vol. 3, pp. 21-34.

Hull, Gary, ed. 2005. The Abolition of Antitrust. New Brunswick, NJ: Transaction Publishers

McChesney, Fred. 1991. “Antitrust and Regulation: Chicago’s Contradictory Views,” Cato Journal, Vol. 10; https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/1991/1/cj10n3-10.pdf

McGee, John S. 1958. “Predatory Price Cutting: The Standard Oil (New Jersey) Case,” The Journal of Law and Economics, October, pp. 137-169

Rothbard, Murray N. (2004 [1962]). Man, Economy and State, Auburn AL: Ludwig von Mises Institute, Scholar’s Edition; http://www.mises.org/rothbard/mes.asp

Shugart II, William F. 1987. “Don’t Revise the Clayton Act, Scrap It!,” 6 Cato Journal, 925

Smith, Jr., Fred L. 1983. “Why not Abolish Antitrust?,” Regulation, Jan-Feb, 23; http://cei.org/op-eds-and-articles/why-not-abolish-antitrust

Tucker, Jeffrey. 1998A. “Controversy: Are Antitrust Laws Immoral?” Journal of Markets & Morality. Vol. 1, No. 1, March, pp. 75-82; http://www.acton.org/publications/mandm/mandm_controversy_35.php

Tucker, Jeffrey. 1998B. “Controversy: Are Antitrust Laws Immoral? A Response to Kenneth G. Elzinga.” Journal of Markets & Morality. Vol. 1, No. 1, March, pp. 90-94; http://www.acton.org/publications/mandm/mandm_controversy_37.php

Final thought: I was discussing with someone how we believe Bernie Sanders was wrong and that Healthcare is not a human right since it requires something from somebody this violates the idea of natural rights. But don’t natural rights also ask for the labor of others? Namely judges, cops and courts to enforce such rights? Is this where Anarcho-Capitalism and something like Minarchism differ?

<<< yes, precisely:

Anderson and Hill, 1979; Benson, 1989, 1990; Block, 2007, 2010, 2011; Block v. Helfeld, 2014; Caplan, Undated; Casey, 2010; Chamberlin, 2017; Childs, 1970; DiLorenzo, 2010; Durden, 2018; Gregory, 2011; Griffin 2002; Guillory & Tinsley, 2009; Hasnas, 1995; Heinrich, 2010; Higgs, 2009, 2012, 2017, 2019; Hoppe, 2008, 2011; Huebert, 2010; King, 2010; Kinsella, 2009; Long, 2004; McConkey, 2013; Molyneux, 2008, undated; Murphy, 2005; Nock, 1939; Oppenheimer, 1926; Paul, 2008; Rockwell, 2013, 2016; Rothbard, 1973, 1975, 1977, 1998; Smith, 2008; Spooner, 1870; Stringham, 2007, 2015; Tannehill, 1984; Tinsley, 1998-1999; Wenzel, 2013; Woods, 2014.

Anderson, Terry and Hill, P.J. 1979. “An American Experiment in Anarcho-Capitalism: The Not So Wild, Wild West,” Journal of Libertarian Studies, 3: 9-29; http://mises.org/journals/jls/3_1/3_1_2.pdf

Benson, Bruce L. 1989. Enforcement of Private Property Rights in Primitive Societies: Law Without Government,” The Journal of Libertarian Studies, Vol. IX, No. 1, Winter, pp. 1-26; http://mises.org/journals/jls/9_1/9_1_1.pdf

Benson, Bruce L. 1990. “Customary Law with Private Means of Resolving Disputes and Dispensing Justice: A Description of a Modern System of Law and Order without State Coercion.” The Journal of Libertarian Studies, Vol. IX, No. 2,” pp. 25-42; http://mises.org/journals/jls/9_2/9_2_2.pdf

Block, Walter E. 2007. “Anarchism and Minarchism; No Rapprochement Possible: Reply to Tibor Machan,” Journal of Libertarian Studies, Vol. 21, No. 1, Spring, pp. 91-99; http://mises.org/journals/jls/22_1/22_1_37.pdf

https://mises.org/library/anarchism-and-minarchism-no-rapprochement-possible-reply-tibor-machan

Block, Walter E. 2011. “Governmental inevitability: reply to Holcombe.” Journal of Libertarian Studies, Vol. 22; pp. 667-688; http://mises.org/journals/jls/22_1/22_1_34.pdf

Block, Walter E. and Michael Fleischer. 2010. “How Would An Anarchist Society Handle Child Abuse?” October 13; https://www.lewrockwell.com/block/block167.html

Casey, Doug. 2010. “Doug Casey on Anarchy.” March 31; http://www.caseyresearch.com/cwc/doug-casey-anarchy

May 11, 2014. Walter Block debates Jan Helfeld on anarchism versus minimal government; Jan Helfeld <[email protected]>; Daniel Rothschild [email protected]; http://youtu.be/58-YSENYuVM. http://archive.lewrockwell.com/lrc-blog/walter-block-debates-anarcho-capitalism-vs-limited-government/; http://www.economicpolicyjournal.com/2014/05/walter-block-vs-jan-helfeld-on-anarchy.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29; https://www.youtube.com/watch?v=-hsKmqXy55E

Caplan, Bryan. Undated. “Anarchist Theory FAQ, or, Instead of a FAQ, by a Man Too Busy to Write One.” http://econfaculty.gmu.edu/bcaplan/anarfaq.htm

Chamberlin, Antón and Walter E. Block. 2017. “The case for the stateless society: law.” Acta Economica et Turistica. Vol. 3, No. 2, pp. 103-118; https://www.degruyter.com/view/j/aet.2017.3.issue-2/aet-2017-0012/aet-2017-0012.xml?format=INT;

https://www.degruyter.com/downloadpdf/j/aet.2017.3.issue-2/aet-2017-0012/aet-2017-0012.pdf

Childs, Roy. 1970. “An Open Letter to Ayn Rand’ https://www.lewrockwell.com/1970/01/roy-a-childs-jr/objectivism-and-the-state-an-open-letter-to-ayn-rand/; https://archive.org/stream/ChildsOpenLetter/Childs%20Open%20Letter_djvu.txt

DiLorenzo, Thomas J. 2010. “The Culture of Violence in the American West: Myth versus Reality.” The Independent Review, v. 15, n. 2, Fall 2010, pp. 227–239; http://www.independent.org/pdf/tir/tir_15_02_4_dilorenzo.pdf

Durden, Tyler. 2018. “Is Anarcho-Capitalism Possible?” March 25; https://www.zerohedge.com/news/2018-03-24/anarcho-capitalism-possible

Gregory, Anthony. 2011. “Abolish the Police.” May 26; https://www.lewrockwell.com/gregory/gregory213.html

Griffin, G. Edward. 2002. The Creature from Jekyll Island: A Second Look at the Federal Reserve, American Media, Westlake Village, CA

Guillory, Gil & Patrick Tinsley. 2009. “The Role of Subscription-Based Patrol and Restitution in the Future of Liberty,” Libertarian Papers 1, 12; http://libertarianpapers.org/2009/12-the-role-of-subscription-based-patrol-and-restitution-in-the-future-of-liberty/

Hasnas, John. 1995. “The myth of the rule of law.” Wisconsin Law Review 199;

http://faculty.msb.edu/hasnasj/GTWebSite/MythWeb.htm

Heinrich, David J. 2010. “Justice for All Without the State.” The Libertarian Standard. May 6; http://www.libertarianstandard.com/articles/david-j-heinrich/justice-for-all-without-the-state/

Higgs, Robert. 2009. “Why We Couldn’t Abolish Slavery Then and Can’t Abolish Government Now.” August 20; https://www.lewrockwell.com/higgs/higgs128.html

Higgs, Robert. 2012. “What is the point of my libertarian anarchism?” January 16; http://archive.lewrockwell.com/higgs/higgs180.html

Higgs, Robert. 2017. “Is a National Government Necessary for National Defense?” March 23; http://www.targetliberty.com/2017/03/is-national-government-necessary-for.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TargetLiberty+%28Target+Liberty%29

Higgs, Robert. 2019. “The Siren Song of the State.” July 23; https://mises.org/library/siren-song-state?utm_source=Mises+Institute+Subscriptions&utm_campaign=2063d61085-EMAIL_CAMPAIGN_9_21_2018_9_59_COPY_01&utm_medium=email&utm_term=0_8b52b2e1c0-2063d61085-227976965

Hoppe, Hans-Hermann. 2008. “Reflections on the Origin and the Stability of the State.” June 23; https://www.lewrockwell.com/hoppe/hoppe18.html

Hoppe, Hans-Hermann. 2011. “State or Private Law Society.” April 10;

https://www.lewrockwell.com/hoppe/hoppe26.1.html

Huebert, Jacob. 2010. Libertarianism Today. Santa Barbara, CA: Praeger

King, Seth. 2010. “Daily Anarchist Interviews Walter E. Block,” September 9;

https://www.lewrockwell.com/block/block165.html

Kinsella, Stephan. 2009. “The Irrelevance of the Impossibility of Anarcho-Libertarianism.” August 20; http://www.stephankinsella.com/2009/08/20/the-irrelevance-of-the-impossibility-of-anarcho-libertarianism/

Long, Roderick. 2004. “Libertarian Anarchism: Responses to Ten Objections” https://www.lewrockwell.com/long/long11.html

McConkey, Michael. 2013. “Anarchy, Sovereignty, and the State of Exception: Schmitt’s Challenge.” The Independent Review, v. 17, n. 3, Winter, pp. 415–428. http://www.independent.org/pdf/tir/tir_17_03_05_mcconkey.pdf

Molyneux, Stefan. 2008. “The Stateless Society: An Examination of Alternatives.” http://www.mail-archive.com/[email protected]/msg02056.html

Molyneux, Stefan. Undated. “’Practical Anarchy.” http://dwardmac.pitzer.edu/anarchist_archives/practicalanarchy.pdf; http://cdn.media.freedomainradio.com/feed/books/PA/Practical_Anarchy_by_Stefan_Molyneux.mp3.

Murphy, Robert P. 2005. “But Wouldn’t Warlords Take Over?” July 7; http://mises.org/story/1855; http://mises.org/library/wouldnt-warlords-take-over

Nock, Albert Jay. 1930. “The Criminality of the State.” March, https://mises.org/library/criminality-state

Nock (1930): “”

Oppenheimer, Franz. 1926. The State. New York: Vanguard Press

Paul, Ron. 2008. “On the Inner Contradictions of Limited Government.” http://www.youtube.com/watch?v=7o4kiWpqoeg&feature=PlayList&p=9645F6A68683F679&playnext=1&playnext_from=PL&index=4

Rockwell, Lew. 2013. “What Would We Do Without the State?” March 31;

https://www.lewrockwell.com/blog/lewrw/archives/134782.html

https://www.lewrockwell.com/lrc-blog/what-would-we-do-without-the-state/

Rockwell, Lew. 2016. “The Trouble With Politics.” November 8;

https://www.lewrockwell.com/2016/11/lew-rockwell/fatal-flaw-politics/

Rothbard, Murray N. 1973. For a New Liberty, Macmillan, New York; http://mises.org/rothbard/newlibertywhole.asp

In the view of Rothbard (1973, emphasis added by present author): “For centuries, the State (or more strictly, individuals acting in their roles as ‘members of the government’) has cloaked its criminal activity in high-sounding rhetoric. For centuries the State has committed mass murder and called it ‘war’; then ennobled the mass slaughter that ‘war’ involves. For centuries the State has enslaved people into its armed battalions and called it ‘conscription’ in the ‘national service.’ For centuries the State has robbed people at bayonet point and called it ‘taxation.’ In fact, if you wish to know how libertarians regard the State and any of its acts, simply think of the State as a criminal band, and all of the libertarian attitudes will logically fall into place.”

Rothbard, Murray N. 1975. “Society Without a State.” The Libertarian Forum, volume 7.1, January; https://www.lewrockwell.com/rothbard/rothbard133.html

Rothbard, Murray N. 1977. “Do you hate the state?” The Libertarian Forum, Vol. 10, No. 7, July; https://www.lewrockwell.com/rothbard/rothbard75.html

“…there is no sign that David Friedman in any sense hates the existing American State or the State per se, hates it deep in his belly as a predatory gang of robbers, enslavers, and murderers. No, there is simply the cool conviction that anarchism would be the best of all possible worlds, but that our current set-up is pretty far up with it in desirability. For there is no sense in Friedman that the State – any State – is a predatory gang of criminals.”

“The radical cannot think in such terms, because the radical regards the State as our mortal enemy, which must be hacked away at wherever and whenever we can. To the radical libertarian, we must take any and every opportunity to chop away at the State, whether it’s to reduce or abolish a tax, a budget appropriation, or a regulatory power. And the radical libertarian is insatiable in this appetite until the State has been abolished, or – for minarchists – dwindled down to a tiny, laissez-faire role.”

Rothbard, Murray N. 1998 [1982]. The Ethics of Liberty, New York: New York University Press. http://www.mises.org/rothbard/ethics/ethics.asp

Paul, Ron. 2008. “On the Inner Contradictions of Limited Government.” http://www.youtube.com/watch?v=7o4kiWpqoeg&feature=PlayList&p=9645F6A68683F679&playnext=1&playnext_from=PL&index=4

Shaffer, Butler.

www.mises.org/books/wizards/pdf

Smith, George Ford. 2008. The Flight of the Barbarous Relic, CreateSpace, Lawrenceville, GA

Spooner, Lysander. 1966[1870]. No Treason: The Constitution of No Authority and A Letter to Thomas F. Bayard, Larkspur, Colorado: Rampart College; http://jim.com/treason.htm

Stringham, Edward, ed. 2007. Anarchy and the Law: The Political Economy of Choice, Somerset, NJ: Transaction Publishers.

Stringham, Edward. 2015. Private Governance: Creating Order in Economic and Social Life. Oxford University Press

Tannehill, Morris and Linda Tannehill. [1970] 1984. The Market for Liberty, New York: Laissez Faire Books; https://www.lewrockwell.com/orig11/tannehill1.html

Tinsley, Patrick. 1998-1999. “With Liberty and Justice for All: A Case for Private Police,” Journal of Libertarian Studies, Vol. 14, No. 1, Winter, pp. 95-100; http://www.mises.org/journals/jls/14_1/14_1_5.pdf

Wenzel, Robert. 2013. “Robert Ringer’s Strawman Anarchist.” February 2;

http://archive.lewrockwell.com/wenzel/wenzel211.html

Woods, Tom. 2014. “Four things the state is not.” July 29;

https://www.lewrockwell.com/2014/07/no_author/4-things-the-state-is-not/

Thanks again!

Best,

Ben

On Thu, Apr 9, 2020 at 8:13 PM Walter Block <[email protected]> wrote:

Dear Ben:

I hope you enjoy the book.

E mail is best.

What do you major in?

Best regards,

Walter

From: Benjamin Nadelstein <[email protected]>

Sent: Thursday, April 09, 2020 7:10 PM

To: Walter Block <[email protected]>

Subject: Re: Fan Question

Dear Dr. Block,

To answer your question I am focused on finishing my undergraduate degree first and afterwards will re-examine my path and go from there. I have never been enrolled in any of the Economics classes at Umass (which might be good for my mental sanity) so thankfully my GPA is safe from revengeful tampering by Professors who are not open minded. I have just found your book “Defending the Undefendable” and I am excited to start reading it! I had some questions for you on the efficacy of private roads, smoke detectors and monopoly. If it’s easier for you to discuss this over the phone, I would be happy to connect with you that way; if email is easier-that works too! I can’t thank you enough for being so helpful and generous with your time!

Best,

Ben

On Wed, Apr 8, 2020 at 9:56 PM Walter Block <[email protected]> wrote:

Dear Ben:

Is grad school to get a phd in a sane free market university a possibility for you?

See below for more biblio on min wages.

I’d stay in the closet if I were you. I don’t trust commie profs to be fair.

Best regards,

Walter

From: Benjamin Nadelstein <[email protected]>

Sent: Wednesday, April 08, 2020 8:25 PM

To: Walter Block <[email protected]>

Subject: Re: Fan Question

Dear Dr. Block,

Thank you so much for your quick response and reading selection! To answer your question I’ll first give you some quick background. I am a rising senior at Socialist U and have recently been binge watching Mises U videos on YouTube! I started as a Freshman Communication and Theater Major and minoring in Music and because of my exposure to such lunacy I have begun investigating free market economics and dropped to a theater minor to stay sane. I have started asking random Economics professors at Umass about Modern Monetary Theory, minimum wage and other types of questions. It is of course a lot of acting (theater coming in handy) to pretend to be a Stalinist and debate as a Libertarian but I am doing my best to keep my identity hidden and my limbs in tact while still trying to learn all points of view. My plans after graduation are still up in the air but I’m sure my nosey line of questionIng and curiosity will lead me somewhere interesting or in a democratic gulag! I appreciate taking to someone like minded and happy to have someone willing to answer questions.

Best,

On Apr 8, 2020, at 8:56 PM, Walter Block <[email protected]> wrote:

Dear Ben:

There is a wide gap on these matters between me and this prof of yours.

Here’s some readings for you:

Block, Walter E. and William Barnett. 2009. “Monopsony Theory.” American Review of Political Economy June/December, Vol. 7 (1/2), pp. 67-109; https://sites.bemidjistate.edu/arpejournal/wp-content/uploads/sites/2/2015/12/v7n1-2-block-barnett.pdf; http://www.arpejournal.com/

Your prof is relying on this material:

Card, David, and Alan B. Krueger. 1994. “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania,” American Economic Review, Vol. 84, No. 4, September, pp. 772-793

Card, David, and Alan B. Krueger. 2000. “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Reply,” American Economic Review, 90(5), December, pp. 1397-1420.

For critiques of them see:

Block, 2001; Burkhauser, Couch and Wittenburg, 1996; Burkhauser, and Finnegan, 1989, 1993; Gallaway and Adie, 1995; Hamermesh and Welchm 1995; Neumark and Wascher, 2000.

Block, Walter E. 2001. “The Minimum Wage: A Reply to Card and Krueger,” Journal of The Tennessee Economics Association, Spring; http://www.walterblock.com/wp-content/uploads/publications/block_minimum-wage-once-again_2001.pdf

Burkhauser, Richard V., Couch, Kenneth A., Wittenburg, David. 1996. “Who Gets What From Minimum Wage Hikes: A Replication and Re-estimation of Card and Krueger.” Industrial and Labor Relations Review, 49, no. 3, April, pp. 547-552.

Burkhauser, Richard, and Aldrich Finnegan. 1989. “The Minimum Wage and the Poor: The End of a Relationship.” Journal of Policy Analysis and Management. 8.1: 53-71. Web. 18 Apr. 2012. < http://www.jstor.org/stable/3324424>. Does not appear in the f

Burkhauser, Richard V. and T. Aldrich Finnegan. 1993. “The economics of minimum wage legislation revisited.” Cato Journal, Vol. 13, No. 1, Spring/Summer, March, pp. 123-130; http://www.unz.org/Pub/CatoJournal-1993q1-00123

Gallaway, Lowell and Douglas Adie. 1995. Review of Card and Krueger’s Myth and Measurement: The New Economics of the Minimum Wage, Cato Journal, Volume 15, no.1, pp. 137-140; http://www.cato.org/pubs/journal/cj15n1-8.html

Hamermesh, Daniel and Finis Welch. 1995. “Review Symposium: Myth andMeasurement: The New Economics of the MinimumWage,” Industrial and Labor Relations Review, 48,

pp. 835-838 and 842-848.

Neumark, David and Wascher, William. 2000. “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Comment,” American Economic Review, 90(5), December, pp. 1362-1396

If you want more readings, let me know.

What are your plans after you graduate from Socialist U?

Strange, why the labor market works so differently than the market for steel, agriculture, etc.

Best regards,

Walter

From: Benjamin Nadelstein <[email protected]>

Sent: Wednesday, April 08, 2020 6:16 PM

To: [email protected]

Subject: Fan Question

Dear Dr. Block,

I hope this email finds you healthy and cooped up somewhere safe. My name is Ben Nadelstein and I am a rising senior at the University of Massachusetts Amherst. I know that the schools name alone probably sets of alarm bells but I admire your work and am a (closeted) free market libertarian in a scary sea of Keynesian Liberal/Marxists. I was reading your work “Labor Economics from a Free Market Perspective : Employing the Unemployable”. In it, you list the numerous professors advocating for a minimum wage and many faculty at Umass were on it. I picked one of them and emailed him my questions as to why he advocated for a minimum wage. This was his (edited) response:

I will give a brief answer and refer you to Arindrajit Dube’s and Robert Pollin’s work.

1) Labor markets do not equilibrate on wage. Unemployment would not resolve if only the wage were lower because (a) the wage is part of the demand for the output from the product market; (b) the effort of workers depends on the wage and so a lower wage has an ambiguous effect on firm demand for labor.

2) Firms have a structural advantage over workers by owning the equipment and by setting the wage. This setting, called monopsony, enables firms to consistently maintain a lower-than-equilibrium wage and accept the vacancies and turnover this low wage causes. The lower-than-equilibrium wage is profitable for firms, but firms would hire and retain more, not fewer, workers if the wage is raised by mandate (with limits, but as the main effect for modest increases in the minimum wage).

3) Implicit in (1) is that unemployment is an aggregate demand problem, not a price-above-equilibrium problem.

4) A corollary to (2) is that firms free ride on the rest of society by paying a wage so low that workers rely on public benefits (SNAP, Medical), which is effectively a transfer from the public to the company for paying a sub-living wage. Combined with the proposition that increases in wage will increase not decrease employment, there’s a strong case for maintaining a minimum.

Maintaining a minimum wage is thus feasible, efficient, and ethical (in two senses, both for showing respect for the dignity of work and for not permitting firms to free ride profitably on the rest of society).

The empirical work bears out both the claims about efficiency and feasibility. It also shows effectiveness in terms of antipoverty impact. Block was especially weak in terms of surveying the empirical analysis of the minimum wage. I refer you to Dube and Pollin for current surveys and to Myth and Measurement (Card and Krueger) for an earlier comprehensive survey.

I then responded with:

1) Why do labor markets not tend to head towards equilibrium? Aren’t they just another price (the price of somebody’s labor)? Are any prices heading towards equilibrium and if so why does labor differ than everything else? (A) Aren’t wages the price an employer will pay for somebody to do work not solely based on demand for output seeing as output could be done with more capital, less labor or vice versa? (B) Doesn’t the workers’ wages depend on their productivity and value instead of their wage deciding their effort? Why do effort and wages have to be dependent on each other (Ex. day laborer vs Brad Pitt).

2) Firms by nature do have what you referred to as a “structural advantage” but they also have “structural risk” the employee gets a “set” wage and receives less risk while the firm enjoys higher pay possibilities and higher risk. Aren’t the firms essentially buying risk and the workers buying safety? Then you mention the firms have a “lower than equilibrium wage” but earlier mentioned that “Labor markets do not equilibrate on wage.” Could you explain more what you mean by equilibrium in each answer because I am confused on how it functions in each response (possibly because of my lack of econ background).

3) I do not know what aggregate demand is sorry.

4) I agree that these benefit programs are an issue and cloud the wage from the employer with publicly funded government benefits

A further question is if maintaining a minimum wage is feasible, efficient, and ethical and the empirical work bears out both the claims about efficiency and feasibility and shows effectiveness in terms of anti poverty impact would it make sense for the US government instead of having spending on millions of dollars of aid to poorer countries to instead mandate they have a higher minimum wage?

His final (edited) response was:

You will likely find the literature I’ve recommended thought-provoking and I wish you well with it. Also I encourage you to read my response more carefully re equilibration — what you have described in point (1) is simply now how labor markets work. The world might be different if they worked the way you describe, but they do not.

Quick tip, more in the domain of civics or political science than economics: the US can’t mandate a higher minimum wage for other countries. It might well be a good policy for those countries but it’s not for us to mandate.

Sorry for such a long email but I wanted to first thank you for writing such interesting work on privatization and was hoping you could help me in my search for knowledge on this subject as well as get a little laugh over something during this crazy time. Hope you are staying healthy and safe.

Best,

Ben

—

Minimum wage is one of price controls. Here are a couple of useful links:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2705499

https://www.nber.org/papers/w25043

That’s the Card & Krueger famous study https://www.nber.org/papers/w4509

Akihari, 2016; Batemarco, et.al. 2014; Baum, 2015; Becker, 1995; Block, 1987, 2000, 2001, 2002, 2014, 2015, 2018A, 2018B, 2018C; Block and Barnett, 2002; Boudreaux, 2015A, 2015B, 2016A, 2016B, 2016C, 2016D, 2017; Burkhauser, Couch, Wittenburg, 1996; Caplan, 2013A, 2013B, 2015; Cappelli and Block, 2012; Deere, Murphy and Welch, 1995; Ebeling, 2018; European, undated; Friedman, undated; Gallaway and Adie, 1995; Galles, 2014; Gitis, 2014; Hanke, 2014A, 2014B; Hazlitt, 1946; Hovenga, 2013; Howland, 2013; Klein and Dompe, 2007; Landsburg, 2004; Leonard, 2016; Lingenfelter, et. Al., 2017; McCaffrey, 2014; McCormick and Block, 2000; Mercer, 2015; Morse, 2018; Murphy, 2014, 2015A, 2015B; Neumark, 2015; Neumark and Wascher, 1992, 1995; New York Times, 1987; North, 2014; Parker, 2018; Powell, 2013; Reisman, 2014; Riebesell, Lalani and Block, 2017; Riley, 2018; Rothbard, 1988, 2015A, 2015B; Rustici, 1985; Salihu, 2013; Salles, 2019; Saltsman, 2015; Schiff, undated; Shaw, 2016; Sohr and Block, 1997; Sowell, 1995; Tucker, 2915; Vance, 2005A, 2005B, 2019; Van Cott, 2019; Vedder and Gallaway. 2001; Vuk, 2006; Ward, 2016; Wenzel, 2013, 2015, 2017; Wiegold, 2014; Williams, 1982, 2013, 2014A, 2014B, 2014C, 2015A, 2015B, 2016A, 2016B, undated.

Akihari, Ferghane. 2016. “In Europe, Workers Use Minimum Wage Laws to Exclude their Competition.” July 13; https://mises.org/blog/europe-workers-use-minimum-wage-laws-exclude-their-competition

Batemarco, Robert, Charles Seltzer and Walter E. Block. 2014. “The irony of the minimum wage law: limiting choices versus expanding choices.” Journal of Peace, Prosperity & Freedom, Vol. 3, pp. 69-83;

https://books.google.ca/books?id=sxfGBwAAQBAJ&pg=PA2&lpg=PA2&dq=Journal+of+Peace,+Prosperity+%26+Freedom&source=bl&ots=GjT4AhPz-j&sig=zEQLmFIvlHvsQH5Llp6cyIMFzbs&hl=en&sa=X&ei=JPZYVZO1JI_hsAS-0YGoBQ&ved=0CDsQ6AEwBQ#v=onepage&q=Journal%20of%20Peace%2C%20Prosperity%20%26%20Freedom&f=false;

Baum, Caroline. 2015. “Caroline Baum Slams Paul Krugman (on minimum wage)” July 28;

http://www.economicpolicyjournal.com/2015/07/caroline-baum-slams-paul-krugman.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

Becker, Gary. 1995. “It’s simple: Hike the minimum wage, and you put people out of work.”

Business Week. March 6. p. 22; http://www.bloomberg.com/bw/stories/1995-03-05/its-simple-hike-the-minimum-wage-and-you-put-people-out-of-work

Block, Walter E. 1987. “Minimum Wage Law No Help to Unskilled,” Dateline Canada: Understanding Economics Through Press Reports, p. 37.

Block, Walter E. 2000. “Heritage Stumbles on Minimum Wage,” The Free Market, October, Volume 18, Number 10; http://www.mises.org/freemarket_detail.asp?control=324

Block, Walter E. 2001. “The Minimum Wage: A Reply to Card and Krueger,” Journal of The Tennessee Economics Association, Spring; http://www.mtsu.edu/~ceconed/100minwg.pdf

http://www.mtsu.edu/~ceconed/journal00.htm

Block, Walter E. 2002. “Delusions of rising wages,” New Orleans City Business, January, 28, p. 28.

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https://www.lewrockwell.com/?post_type=article&p=561442&preview=true; https://www.lewrockwell.com/2015/09/walter-e-block/abolish-the-minimum-wage/

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https://www.lewrockwell.com/2014/01/walter-e-block/want-to-stab-the-poor-and-help-labor-unions/; http://www.economicpolicyjournal.com/2014/01/the-hardcore-austrian-school-and.html; http://lockerroom.johnlocke.org/2014/01/17/walter-block-versus-economists-who-want-to-raise-the-minimum-wage/; http://libertycrier.com/want-to-stab-the-poor-and-help-labor-unions/?utm_source=The+Liberty+Crier&utm_campaign=2b836d4a7b-The_Liberty_Crier_Daily_News_1_17_2014&utm_medium=email&utm_term=0_600843dec4-2b836d4a7b-284768769

Block, Walter E. 2018A. “Reconsidering the Minimum Wage Law.” Journal Etica e Politica / Ethics & Politics, December; Vol. 3, pp. 571-580.http://www2.units.it/etica/2018_3/BLOCK.pdf; ISSN: 1825-5167

Block, Walter E. 2018B. “The case for punishing those responsible for minimum wage laws, rent control and protectionist tariffs.” Revista Jurídica Cesumar – Mestrado, Vol. 18, No. 1, pp. 235-263; http://periodicos.unicesumar.edu.br/index.php/revjuridica/article/view/6392; http://periodicos.unicesumar.edu.br/index.php/revjuridica/article/view/6392/3190

Block, Walter E. 2018C. “The minimum wage once again: critique of Sonn and Lathrop.” Revista Interdisciplinar de Filosofia, Direito e Economia, Vol. 6, No. 1, pp. 1-8; https://www.misesjournal.org.br/misesjournal/article/view/115; https://doi.org/10.30800/mises.2018.v6.115; https://www.misesjournal.org.br/misesjournal/article/view/115/193

Block, Walter and William Barnett II. 2002. “The Living Wage: What’s Wrong,” The Freeman Ideas on Liberty, December, Vol. 52, No. 12, pp. 23-24

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Boudreaux, Don. 2015B. “Noah Smith is no Adam Smith.” November 24;

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Boudreaux, Don. 2016A. “The Cruelty of the Minimum Wage.” (Cartoon) January, 15; http://www.economicpolicyjournal.com/2016/01/the-cruelty-of-minimum-wage.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

Boudreaux, Don. 2016B. “A UMass Professor is Challenged: Should Economists Use Low-Skilled Workers as Guinea Pigs?” March 31; http://www.economicpolicyjournal.com/2016/03/a-umass-professor-is-challenged-should.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

Boudreaux, Don. 2016C. “Blazing Blindness in France.” May 26;

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Boudreaux, Don. 2016D. “Considering the Government Policy of Mandated Theft by Workers.” September 12; http://www.economicpolicyjournal.com/2016/09/considering-government-policy-of.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

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Friedman, Milton. Undated. “A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.” http://izquotes.com/quote/306121; http://books.google.com/books?id=ck6bXqt5shkC&pg=PA292&lpg=PA292&dq=Playboy+Milton+Friedman:+%E2%80%9CA+minimum-wage+law+is,+in+reality,+a+law+that+makes+it+illegal+for+an+employer+to+hire+a+person+with+limited+skills.%E2%80%9D&source=bl&ots=oBhaVzo4_o&sig=tPYbXajMPWQADdFdRvvbUvPXsbs&hl=en&sa=X&ei=QoU4U-fSIKeisQTIyoGQBQ&ved=0CDwQ6AEwAw#v=onepage&q=Playboy%20Milton%20Friedman%3A%20%E2%80%9CA%20minimum-wage%20law%20is%2C%20in%20reality%2C%20a%20law%20that%20makes%20it%20illegal%20for%20an%20employer%20to%20hire%20a%20person%20with%20limited%20skills.%E2%80%9D&f=false

Gallaway, Lowell and Douglas Adie. 1995. Review of Card and Krueger’s Myth and

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charlatan

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Wenzel, Robert. 2013. “The Wrong Way to Argue Against Minimum Wage Laws.” February 17; http://www.economicpolicyjournal.com/2013/02/the-wrong-way-to-argue-against-minimum.html

Wenzel, Robert. 2015. “How Minimum Wage Increases Went Bad in San Francisco, Oakland, Seattle and Beyond.” June 10; http://www.economicpolicyjournal.com/2015/06/how-minimum-wage-increases-went-bad-in.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29

Wenzel, Robert. 2017. “How to Smash Slick Lefties Who Advocate the Minimum Wage,” July 23; http://www.economicpolicyjournal.com/2017/07/how-to-smash-slick-lefties-who-advocate.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29;

https://www.youtube.com/watch?time_continue=1&v=xX3rFDmBBgM

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