Some flaws in the doctrine of classical liberalism: Reviewing Charles Murray’sWhat it means to be a libertarian: A personal interpretation

Abstract

In the course of a review of Charles Murray’sWhat It Means to Be a Libertarian, the following paper presents a critique of some of the assumptions underlying the political economy and laissez-faire policy recommendations of modern libertarian thought. After considering the role and importance of asymmetric information, relative immobility of labor, and unemployment in the formation of labor and consumption goods markets, this paper concludes that there is a positive role for the state in the construction of just and efficient markets. The paper argues that a regime of laissez-faire would be most unlikely to result in enhanced economic growth and prosperity, to say nothing of the more extravagant claims that Murray makes, such as a diminution of racism, crime, and welfare dependence, with an enhanced sense of community and family values.