The Democratic Leviathan Great excerpt from the article: A state is defined conventionally as an agency that exercises a compulsory territorial monopoly of ultimate decision making (jurisdiction) and of taxation. By definition then, every state, regardless of its particular constitution, is economically and ethically deficient. Every monopolist is bad from the viewpoint of consumers. Monopoly is hereby understood as the absence of free entry into a particular line of production: only one agency, A, may produce X. Any monopoly is bad for consumers because, shielded from potential new entrants into its line of production, the price for its product will be higher and the quality lower than with free entry. And a monopolist with ultimate decison-making powers is particularly bad. While other monopolists produce inferior goods, a monopolist judge, besides producing inferior goods, will produce bads, because he who is the ultimate judge in every case of conflict also has the last word in each conflict involving himself. mises.org/daily/858
Posted on: Tue, 29 Oct 2013 06:11:03 +0000
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