The mythology of holdout as a justification for eminent domain and public provision of roads.

From: Independent Review | Date: September 22, 2005| Author: Benson, Bruce L. | Copyright information

One of the alleged justifications for government provision of roads is that the power of eminent domain is necessary in order to overcome holdout problems and obtain right-of-way properties (Goldstein 1987). (1) After all, this argument continues, only the state has such power, so the private sector would be unable to supply the efficient amount of roads. (2) In this article, I examine this market-failure justification for public roads from three different perspectives and demonstra...

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