By Murray Newton Rothbard
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Additional resources for Power and market: Government and the economy (The Studies in economic theory series)
At any given time, as we have stressed, there is a limited amount of capital—a limited supply of all resources—that can be devoted to investment. 72 The very term “public utility,” furthermore, is an absurd one. ” Any designation of a few industries as “public utilities” is completely arbitrary and unjustified. 71 Many advocates of eminent domain contend that “society,” in the last analysis, has the right to use any land for “its” purposes. Without knowing it, they have thus conceded the validity of a major Henry Georgist plank: that every person, by virtue of his birth, has a right to his aliquot share of God-given land.
This is the essence of the Society-of- Status. The reversion to status law in the antitrust legislation went unnoticed . . the politicians . . had secured a law under which it was impossible for the citizen to know beforehand what constituted a crime, and which therefore made all productive effort liable to prosecution if not to certain conviction. 46 An individual becoming idle instead of working may be said to “restrain” trade, although he is simply not engaging in it rather than “restraining” it.
As a result, existing half-insurance, halfuneconomic “investment” companies have been granted special privilege by the government. 41 It therefore becomes quite clear that it is impossible for the government to decrease monopoly by passing punitive laws. The only way for the government to decrease monopoly, if that is the desideratum, is to remove its own monopoly grants. ” What they do accomplish is to impose a continual, capricious harassment of efficient business enterprise. The la w in the United States is couched in vague, indefinable terms, permitting the Administration and the courts to omit defining in advance what is a “monopolistic” crime and what is not.
Power and market: Government and the economy (The Studies in economic theory series) by Murray Newton Rothbard