Market Failure Versus Government Failuire
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Government Failure Versus Market Failure
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Author : Clifford Winston
language : en
Publisher: Brookings Institution Press
Release Date : 2007-04-01
Government Failure Versus Market Failure written by Clifford Winston and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-04-01 with Business & Economics categories.
When should government intervene in market activity and when is it best to let market forces take their natural course? How does the existing empirical evidence about government performance guide our answers to these questions? In this clear, concise book, Clifford Winston offers his innovative analysis—shaped by thirty years of evidence—to assess the efficacy of government interventions. Markets fail when it is possible to make one person better off without making someone else worse off, thus indicating inefficiency. Governments fail when an intervention is unwarranted because markets are performing well or when the intervention fails to correct a market problem efficiently. Winston concludes from existing research that the cost of government failure may actually be considerably greater than the cost of market failure: "My search of the evidence is not limited to policy failures. I will report success stories, but few of them emerged from my search." The prevalence of market failure is due to a lack of conviction in favor of markets, the inflexibility of intervening government agencies, and political forces that enable certain interest groups to benefit at the expense of society as a whole. Winston suggests that government policy can be improved by making greater use of market-oriented solutions that have already produced benefits in certain situations.
Government Failure
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Author : Wilfred Dolfsma
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-01-01
Government Failure written by Wilfred Dolfsma and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Political Science categories.
'Starting from the idea that market and state are intertwined domains, and explaining the economy as a system of communication evolving through innovation, this excellent book makes a valuable contribution to understanding government rule setting in knowledge-based economies. It provides a taxonomy of ways in which government rules function more or less successfully, and addresses the important problem of institutional vulnerability. Intellectual property rights laws and reform of health care systems are perceptively discussed. This book is strongly recommended for public policy experts and researchers investigating the publicprivate economy.' John Davis, Marquette University, US and University of Amsterdam, The Netherlands 'Since the 1970s the conventional wisdom has been that governments should retreat from the economic sphere and enhance the role of markets. The financial crash of 2008 has brought that into question. This stimulating set of essays considers the role of government in modern complex economies. Addressing the potential for both government failure and market failure, and drawing on empirical evidence, these studies are important contributions to a revived debate.' Geoffrey M. Hodgson, University of Hertfordshire, UK 'The idea that governments as well as markets can fail has been central to the public choice literature for the last half century. Typically government failure is described and measured as excessive expenditures or unbalanced budgets. This original book points out that government failures often take the form of inappropriate or inconsistent rules governing the private sector. The argument is nicely illustrated using real-world examples in the areas of healthcare, innovation, and intellectual property. The book is a timely and important contribution to the literature.' Dennis C. Mueller, University of Vienna, Austria This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure. Wilfred Dolfsma illustrates that it is not adequate to discuss government failure simply with reference to its level of expenditure, as is usually the case. Defining government failure and analysing it in the domains of health care, innovation and technology, he explores topics such as how market and society relate, consequences of conflicts between government policies, how government should (not) intervene, the vulnerability of institutions and rules (set out by government), and suggests a welfare perspective for evaluative purposes. This stimulating and thought provoking book will prove a fascinating read for academics, researchers and advanced students in economics particularly public choice and institutional economics public administration, policy studies, and law and economics.
Market Failure Government Failure Leadership And Public Policy
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Author : Joe Wallis
language : en
Publisher: Palgrave Macmillan
Release Date : 1999-01
Market Failure Government Failure Leadership And Public Policy written by Joe Wallis and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01 with Business & Economics categories.
A global wave of reform is reshaping the role of the state in national economies. This book examines the political economy of this megatrend, tracing the roots of the reforms to developments in public economics which emphasise problems of government.
Government And Markets
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Author : Edward J. Balleisen
language : en
Publisher: Cambridge University Press
Release Date : 2010
Government And Markets written by Edward J. Balleisen and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
Market Failure Government Failure Leadership And Public Policy
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Author : B. Dollery
language : en
Publisher: Springer
Release Date : 1999-07-19
Market Failure Government Failure Leadership And Public Policy written by B. Dollery and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07-19 with Business & Economics categories.
A global wave of reform is fundamentally reshaping the role of the state in national economies. This book provides a fresh and accessible perspective on the political economy of this megatrend. It traces the theoretical roots of the reforms to developments in public economics which emphasize problems of government rather than market failure. It then breaks new ground in developing an economic theory of leadership to explain how policy leadership networks can strive to influence the direction of reform processes.
Market Failure And Government Failure
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Author : Jonathan James Pincus
language : en
Publisher:
Release Date : 1993
Market Failure And Government Failure written by Jonathan James Pincus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Markets And Market Failure
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Author : Stephen Munday
language : en
Publisher: Heinemann
Release Date : 2000
Markets And Market Failure written by Stephen Munday and has been published by Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Markets and Market Failure provides a comprehensive introduction to this important area.
Beyond Market Failure And Government Failure
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Author : Glenn Furton
language : en
Publisher:
Release Date : 2018
Beyond Market Failure And Government Failure written by Glenn Furton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Criticisms of market outcomes often rest upon a notion of 'market failure,' meaning that the market has failed to align incentives and knowledge to produce an optimal outcome. Rejoinders to classic market failure arguments have taken several forms: that there are institutional or contracting solutions to various forms of market failures, that optimality is not a reasonable goal for real-world economic activity, or that government may fail as well. Similarly, Wittman (1995) and others have argued that concepts of government failure are equally problematic as the ordinary forces of political competition may render politicians sufficiently accountable to achieve realistically defined standards of efficiency. Even thinkers like Buchanan imagine that constitutional design may allow politics to fend off its tendency to become a zero-sum game. Both concepts are problematic in a world of entangled political economy in which market and government activity are interconnected. We argue that it is time to abandon both 'market failure' and 'government failure,' and instead focus on problems of institutional mismatch when the rules governing interaction are ill-suited to the problems that agents confront.
The Usefulness Of Market Failure In Explaining Government Action
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Author : Komiete Tetteh
language : en
Publisher:
Release Date : 2013-11
The Usefulness Of Market Failure In Explaining Government Action written by Komiete Tetteh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11 with categories.
Scholarly Essay from the year 2013 in the subject Business economics - Economic Policy, grade: A, School of Oriental and African Studies, University of London, language: English, abstract: This paper contributes to the discourse on the usefulness of market failure as an explanatory and justificatory tool for public policy and government action. Critically examining and evaluating market failure's theoretical robustness, ideological underpinnings, institutional claims and practical application, it argues that while the tool offers some insights into what governments (can) do, it fails to provide a compelling answer to the fundamental question of why governments exist. It is suggested that alternative approaches and theorizations such as institutional political economy and historical inquiry offer more comprehensive explanations for understanding the role and relationship between the state and the market.
Achieving Industrialization In East Asia
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Author : Helen Hughes
language : en
Publisher: Cambridge University Press
Release Date : 1988-11-10
Achieving Industrialization In East Asia written by Helen Hughes and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-11-10 with Business & Economics categories.
This book examines the economic success of the industrializing economies of East Asia. Judged in terms of economic growth, or by a combination of economic and welfare criteria, this group of East Asian countries has established a clear lead over other developing areas of the world.