In a New York Times opinion piece last Friday, Nobel Prize economist, Paul Krugman took a shot at libertarianism and free markets.
He points to an interview with the late Milton Friedman where he said that product safety regulation is not truly necessary because of the fear of law suits that could put companies found negligent out of business.
I agree with Friedman that the answer for issues like product liability and the oil spill is the courts.
Let me go on.
Krugman then goes on to point out the bill blocked by Sen. Lisa Murkowski that would have raised the maximum liability for oil companies after a spill from a paltry $75 million to $10 billion.
Mr. Krugman, what exactly does that have to do with libertarianism? So you are saying that liability caps like the example you used, which is very un-libertarian, as an example of the failures of libertarianism?
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