Nozick's Anachronistic Libertarianism

Abstract

AbstractThe conclusions on libertarianism Robert Nozick reaches are appropriate for a bygone era. In a modern market economy, libertarianism requires that employable people have the option of taking up a publicly provided income instead of employment. This is the only way to compensate the involuntarily unemployed that a market economy requires and to ensure that all employment is voluntary. Taxation on voluntary exchanges is unobjectionable because it alters prices, not property, and no one has a right to a particular price. The best way to provide state incomes for the capable unemployed is through a negative income tax.