The Lighthouse Debate and the Dynamics of Interventionism

The Lighthouse Debate and the Dynamics of Interventionism Rev Austrian Econ https://doi.org/10.1007/s11138-018-0422-7 The Lighthouse Debate and the Dynamics of Interventionism 1 2 Rosolino A. Candela & Vincent J. Geloso Springer Science+Business Media, LLC, part of Springer Nature 2018 Abstract Coase’s publication of BThe Lighthouse in Economics^ (1974)sparked a polarizing debate over his claim that government intervention is not necessary for the existence of a private lighthouse market. The purpose of this paper is to reframe this debate by asking the following question: why was nationalization the outcome of lighthouse regulation? We answer this question by utilizing the Austrian theory of interventionism to illustrate how regulation of the lighthouse market distorted the entrepreneurial market process. We argue that the nationalization of the lighthouse market in England and Wales was a result of prior government failure to exclude private lighthouses from the market, not a failure of the entrepreneurial market process to privately provide lighthouses. . . . Keywords Entrepreneurship Dynamics of Interventionism Lighthouses Regulation . . JEL Classification B53 D72 L51 1 Introduction The publication of Coase’s seminal paper, BThe Lighthouse in Economics^ (1974), has sparked a polarizing debate over his claim that government intervention is not neces- sary for the existence of a private lighthouse market. The http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The Lighthouse Debate and the Dynamics of Interventionism

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Publisher
Springer Journals
Copyright
Copyright © 2018 by Springer Science+Business Media, LLC, part of Springer Nature
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-018-0422-7
Publisher site
See Article on Publisher Site

Abstract

Rev Austrian Econ https://doi.org/10.1007/s11138-018-0422-7 The Lighthouse Debate and the Dynamics of Interventionism 1 2 Rosolino A. Candela & Vincent J. Geloso Springer Science+Business Media, LLC, part of Springer Nature 2018 Abstract Coase’s publication of BThe Lighthouse in Economics^ (1974)sparked a polarizing debate over his claim that government intervention is not necessary for the existence of a private lighthouse market. The purpose of this paper is to reframe this debate by asking the following question: why was nationalization the outcome of lighthouse regulation? We answer this question by utilizing the Austrian theory of interventionism to illustrate how regulation of the lighthouse market distorted the entrepreneurial market process. We argue that the nationalization of the lighthouse market in England and Wales was a result of prior government failure to exclude private lighthouses from the market, not a failure of the entrepreneurial market process to privately provide lighthouses. . . . Keywords Entrepreneurship Dynamics of Interventionism Lighthouses Regulation . . JEL Classification B53 D72 L51 1 Introduction The publication of Coase’s seminal paper, BThe Lighthouse in Economics^ (1974), has sparked a polarizing debate over his claim that government intervention is not neces- sary for the existence of a private lighthouse market. The

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Jun 5, 2018

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