August 7, 1986 Video Collection

Public vs. Private Enterprise

Fred S. McChesney is an economist specializing in deregulation and anti-trust policy and is also a law professor at Northwestern University. He is the author of Money for Nothing: Politicians, Rent Extraction and Political Extraction (1997).

In this lecture from a 1986 Universite d’ete de la Nouvelle Economie seminar in Aix-en-Provence, France, McChesney makes that case that private ownership incentivizes productivity in everything from transportation systems to fire departments to oyster beds. He also makes the claim that public ownership, on the other hand, incentivizes waste, overuse of natural resources, and higher costs.