Few actions can be undertaken in a society without affecting other people. These effects are called externalities, and they can be beneficial or costly. Econ 101 covers how to deal with externalities, but this is conveniently forgotten for the sake of libertarian argument.
- Invisible Foot (2 links)
- A term used by E. K. Hunt to describe the second half of the capitalist incentives to privatize gain and socialize costs. It increases private gain to create negative externalities (such as pollution) rather than bear their costs: thus negative externalities will be maximized "as if by an invisible foot". See also the propaganda term Invisible Hand.
- Markets: Guided by an Invisible Hand or Foot? [More...]
- "Adam Smith and his disciples today see markets working as if they were guided by a beneficent, invisible hand, allocating scarce productive resources and distributing goods and services efficiently. Critics, on the other hand, see markets working as if they were guided by a malevolent, invisible foot, misrepresenting people's preferences and misallocating resources."
- Roads (10 links)
- The "who will build the roads?" question has become an inside joke for libertarians. So much so that they don't even debate or discuss it anymore. They just regurgitate "privatize everything!" despite the fact that history shows their solutions don't work except in rare cases.
In so far as I live in society, everything that I do inevitably affects, and is affected by, what others do. Even Mill's strenuous effort to mark the distinction between the spheres of private and social life breaks down under examination. Virtually all Mill's critics have pointed out that everything that I do may have results which will harm other human beings.
Isaiah Berlin, "Two Concepts of Liberty"