Reply #74: exactly my point [View All]

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Who's knocking it? If their assumptions hold up, of course they're exactly right. But there are really TWO requirements to make Libertarianism the "best" political position:

1) Free makets. This one could probably happen if we really wanted it to.
2) Perfect Competition. This one ain't never going to happen in a million years (by construction of the concept) for all relevent markets.

If both 1 and 2, then Libertarianism must be best, all must concede. But if ever one person is able to manipulate market power, there will be inefficiencies and breakdowns in optimal provision of goods.

Free markets are the permanent rallying cry of Libertarians and Supply-siders. But the second bit, perfect competition, is never mentioned. And if it fails (which it almost always does), the whole system of Libertarian (big L) logic breaks down. A free market in the hands of a monopolist or cartel are never optimal. Just as I can't argue with Libertarian logic, neither can they (reasonably) argue with this.