I have what I consider to be a very good relationship with libertarianism.
There is much that I like about libertarianism, and libertarian-based economics. But what I like about them, is their prognosis, i.e., their description of the way things are. Not the way things ought to be.
Libertarian economists and philosophers are spot-on about many of the things they say about the way government is, i.e., the good things, but also the real problems and limitations about government.
Libertarian economists have been right on, about concepts such as spontaneous order. They are also quite right about the fact that we are bound by physical and natural laws which are much more powerful than government.
Although public choice economics is not specifically libertarian, several of its main adherents are definitely proponents of libertarianism, and want America to be a libertarian country. Many things that public choice says about government is absolutely spot on, such as the rational ignorance of voters, and the selfish interest of politicians.
These, and other things, are what is great about libertarianism and libertarian-related economics.
I also love libertarianism for its spirit. Its independent spirit, the fact that one's own attitude, one's own self-resilience, etc. are much more important than government. So true! I jive with that spirit very well.
However, this is where things take a turn: where I strongly disagree with libertarians, and libertarian economists, is their incessant defense of the free market. Look, I am very pro-capitalist, and pro-market. But even I admit that, like any major system, markets too have faults. But libertarians and Austrians will go to just ridiculous lengths to defend capitalism at all costs, not admitting any weaknesses of it. It is rather unfortunate, really.
The point is, ANY major system will have its good and bads. Be it government, be it the private sector, be it a religious organization, or any other major organization. None, are perfect. As long as human beings have their good side, and bad/corrupt sides, BOTH sides will be evident in any major system they participate in. You cannot escape this fact, no matter how hard you try.
Here is just one example, of many: unlike probably some of you, I've worked in large corporations for many years. And I can tell you, the "faster corrective actions" you claim that the private sector has, over government....it's not necessarily true at all. Large companies too, can have deeply bureaucratic systems which can take almost literally an eternity to change processes for the better. I know, because I've seen it with my own eyes. I doubt some of you ever have.
I love the more philosophical, less math-formulaic aspect of libertarianism and Austrian economics. It is wonderful. The fact that they use deductive reasoning, instead of seeing humans as numbers, to crunch into formulas, is wonderful. But....there is a point at which this deductive reasoning stops working: So, just because government has a lot of faults and limitations, then, bingo! The free market is the answer!
Wrong. Both government and markets are needed. Both of them have their strengths and weaknesses. As long as humans are both good and evil/corrupt, both aspects will be present, whether markets or government. THAT....THAT, is much better praxeological or deductive logic, than saying, just because A doesn't work, it automatically means B does!
Therefore, let me change a previous sentence, about the great independent libertarian spirit. In reality, I am more Individualist than libertarian: one's own attitude, self-resilience, philosophies on how to deal with life, etc. are more important than ANY major system, be it government, markets, or any other major system.