Forthcoming: Market Theory and the Lighthouse System (book chapter)

Vincent Geloso

Alongside Rosolino Candela, I have a new paper out. This paper is to be included in a forthcoming edited companion to the work of Israel Kirzner (UFM Companion to Israel Kirzner). The chapter is a reconsideration of the debate on the lighthouse as a public good in the lenses of Israel Kirzner’s emphasis on market processes. The chapter is available here on SSRN and the abstract is down below:

In this chapter, we point out that Kirzner’s focus on the market process and entrepreneurial alertness to profit opportunities that come from improving allocative efficiency (or pushing back the frontiers of production possibilities) is universal in that it can be applied to what appears to be the most unassailable “bailey” of market failure theory. To do so, we consider the historical case of lighthouses which, because the light they produced to guide ships in the age of sail…

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About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at

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