In their article published in a recent issue of this journal, Wysocki and Megger (2019) attempt to undermine Rothbard’s welfare theory as articulated in his classic essay on the subject (2008). More specifically, they suggest that the theory in question generates some fatally counterintuitive...

Along with the renewed interest in the Austrian school of economics over the last two decades, important advances have been made in applying its princples to concrete issues that typically face market economics. However, very little has been done in the area of externalities and the concept of...