Paul Krugman exposes libertarianism's "foolish fantasy"

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Monday, Aug 11, 2014 12:35 PM EST
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The New York Times columnist says the water contamination crisis in Toledo shows libertarianism's fatal flaw

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Elias Isquith Follow
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In his latest column for the New York Times, best-selling author and award-winning economist Paul Krugman argues that the water contamination crisis in Toledo, Ohio, is a case-in-point for why libertarianism is fundamentally flawed, relying as it does on the "foolish fantasy" of overreaching Big Government.
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"Is libertarian economics at all realistic?" Krugman asks, responding to yet another essay about libertarianism's supposedly imminent takeover of American politics. "The answer is no," he continues. "And the reason can be summed up in one word: phosphorus."
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Krugman then turns his eyes toward Toledo, where residents are being discouraged from drinking their water due to phosphorus-caused toxic algae blooms in Lake Eerie. How'd the phosphorus get in there to begin with? Runoff from underregulated farms.
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"The point is that before you rage against unwarranted government interference in your life, you might want to ask why the government is interfering," Krugman writes. "Pollution controls are the simplest example" of justifiable government regulation, Krugman says, but it's hardly alone.
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