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The Mythology of Holdout as Justification for Eminent Domain and Public Provision of Roads
By Bruce L. BensonAccording to the conventional wisdom, road transportation would be highly inefficient without the government’s power of eminent domain, because property owners could refuse to sell their property at the government’s asking price. In reality, there are strong grounds for thinking that private, for-profit road companies would have fewer problems with holdouts and few problems as severe as that of government failure in road transportation.
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