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Economic Development Takings as Government Failure

In: The Pursuit of Justice

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  • Ilya Somin

Abstract

In The Wealth of Nations, Adam Smith famously argued that decentralized market transactions generate wealth “by an invisible hand” (Smith 197 6) and that they usually achieve this end better than direct governmental efforts to control the allocation of resources. Takings for “economic development” are based on the exact opposite assumption: that resources will often fail to generate as much wealth as they should unless their allocation is controlled by the visible hand of the state. Unfortunately, the visible hand of eminent domain often destroys as much wealth as it creates and too easily becomes a grasping hand serving the interests of the politically powerful at the expense of the targeted weak.

Suggested Citation

  • Ilya Somin, 2010. "Economic Development Takings as Government Failure," Palgrave Macmillan Books, in: Edward J. López (ed.), The Pursuit of Justice, chapter 0, pages 123-144, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10949-0_7
    DOI: 10.1057/9780230109490_7
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    Cited by:

    1. Zillante, Artie & Read, Dustin C. & Seiler, Michael J., 2020. "Assembling land for urban revitalization in the presence of linchpin parcels and information asymmetries: An experimental investigation," Land Use Policy, Elsevier, vol. 99(C).

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