The Problems of Externalities

Ludwig von Mises in his library

Image via Wikipedia

Public works are not accomplished by the miraculous power of a magic wand. They are paid for by funds taken away from the citizens. If the government had not interfered, the citizens would have employed them for the realization of profit-promising projects the realization of which they must omit because their means have been curtailed by the government.

via The Problems of External Costs and External Economies – Ludwig von Mises – Mises Daily.

The insights of Mises continue to impress me. I’m glad the Institute chunks them out in small digestible bits.

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