As Morgan points out, Louisville is indeed in a real pickle as far as their library proposals are concerned.

Voters have rejected paying for the expanded libraries and new branches out of new taxes collected. As usual, funds are limited and wants are unlimited. So priorities must be set.

Markets do this by signaling that some resources are needed, and some are over-represented. As an example, there is a new office supply store opening here in Glasgow, KY. A certain company has decided that there is profit to be made by serving this community, so a store is being built. If they are mistaken and no one here wants office supplies that badly, the store will fail. Thus, the optimal level of office-supply stores will be determined.

For public resources like libraries and fire trucks, the optimal level is harder to determine. Voters in Louisville have determined that the proposals set forth are probably too much. But what would a wholly private library actually look like?

I’m guessing they would have a larger selection than most public libraries and more amenities like small cafes, wireless access and play areas for children. Unprofitable things like public meeting rooms would probably be curtailed or cut altogether. Perhaps you could stay and read the books at your leisure, but could not take them home without paying.

Woops. That already exists, doesn’t it?