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Response To Hayek's Why I Am Not A Conservative

890 Words4 Pages

The triangle ABC shows the total loss of the society or else the market failure. This loss is caused because of the fact that the monopoly companies (i.e. shipping companies) do not take into consideration the negative externalities they cause to their environment. These externalities affect negatively sectors like health, economy, ecosystem, local economies and that is where the state has to intervene through the appropriate legislation and acts in order to prevent and eliminate those harmful for the nature effects. Various economic theories and many economists tried to explain the rationale for state intervention in the economy and consequently in the shipping sector. Nevertheless, what we must take into consideration is the amount of this …show more content…

He insisted that when individuals are allowed to pick, the economy runs all the more effectively. Hayek gave his opinion of the right role of administration in his book The Constitution of Liberty. It is essentially a more wide view of the proper role of government where he mentioned the values of freedom and based his suggestions on those values. His main objection to progressive taxation was not that it causes inefficiency but that it violates equivalence before the Law. In his book “Why I Am Not a Conservative” Hayek differentiated his classical liberalism from …show more content…

By the term non-excludable, it is meant that the cost of excluding non payers from enjoying a good is prohibitive. The term non-rivalrous, refers to the individuals’ ability to enjoy a good without raising the cost of its production and without excluding others from enjoying it (Tyler Cowen 2008). The first economist who was referred to Public Goods was Paul Samuelson in his paper "The Pure Theory of Public Expenditure" in 1954. More specifically Coase’s study was focused on the property rights of pollution and therefore on the negative externalities of the economic activity of some companies. That means that the state has to assign clear property rights on who can pollute and to which extend. These regulations will lead to the reduction of the negative externalities such as air pollution from vessel funnels, accidents because of collisions-fires-explosions, oil spills and economic consequences to the hit area’s citizens and any other environmental

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