Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a...

We consider the relative robustness of libertarian anarchy and liberal democracy to meddlesome preferences. Specifically, we examine how the liberty of those wishing to engage in externally harmless activities is affected by people who wish to prevent them from doing so. We show that intense,...