Markets Or Governments
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Markets Or Governments
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Author : Charles Wolf
language : en
Publisher: MIT Press (MA)
Release Date : 1988-01-01
Markets Or Governments written by Charles Wolf and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-01-01 with Capitalism categories.
Economic studies historically have either extolled the virtues of perfect markets or decried the market's shortcomings, proposing that governments correct market failure. This book proposes as a counterweight to these views a theory of nonmarket failure, and examines in great detail the shortcomings of government efforts to replace or to regulate markets. It is an unusually thorough analysis that can be used to make more systematic comparisons between markets and governments and to arrive at more intelligent choices between them.After reviewing the existing theory of market shortcomings, Wolf develops a parallel framework for analyzing the shortcomings of government, elaborating the inherent characteristics of government operations and the problems they present. He then considers how these predictable types of nonmarket failure can be taken into account in improving the formulation of public policy. And he compares market and nonmarket alternatives, both in their theoretical and empirical aspects.Wolf concludes that, while both markets and governments have inherent shortcomings, and the choice between them is never a pure one (real-world situations always involve some combination of the two alternatives), markets do a better job than governments. They are more efficient according to both static and dynamic criteria. With respect to equity and other non-efficiency considerations, however, both markets and governments have strengths and weaknesses. Finally, Wolf points out that government can play an important role in improving and extending the functioning of markets. And, perhaps most controversially, he argues that market forces themselves can play an important role in improving thefunctioning of government. They can reduce the incidence of nonmarket failure by injecting market incentives into government operations.Charles Wolf, Jr. is Dean of the RAND Graduate School of Policy Studies and director of the RAND Corporation's Research Program in International Economic Policy. He was chairman of RAND's Economics Department for 12 years, and has written widely in the fields of economics, defense policy, and foreign policy. A RAND Corporation Research Study.
Markets Or Governments Second Edition
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Author : Charles Wolf, Jr.
language : en
Publisher: MIT Press
Release Date : 1993-09-02
Markets Or Governments Second Edition written by Charles Wolf, Jr. and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-09-02 with Business & Economics categories.
Provides a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. A theory of market failures is well established in economics, but the same has not been true for the study of nonmarket failures. Markets or Governments remedies this situation by providing a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. This new edition updates the data and results contained in the first edition and includes references and applications of the theory to the ongoing process of system transformation in Russia, Ukraine, and Eastern Europe. The discussion of earlier literature that is relevant to the theory of nonmarket failure has been expanded.
Understanding The Private Public Divide
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Author : Avner Offer
language : en
Publisher: Cambridge University Press
Release Date : 2022-04-07
Understanding The Private Public Divide written by Avner Offer 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 2022-04-07 with Business & Economics categories.
A distinctive new account of why markets focus on short-term goals, while government needs to concentrate on society's long-term interests.
Markets Or Governments
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Author : Charles Wolf
language : en
Publisher: Mit Press
Release Date : 1993
Markets Or Governments written by Charles Wolf and has been published by Mit Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
provides a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government
Marketcraft
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Author : Steven Kent Vogel
language : en
Publisher: Oxford University Press
Release Date : 2018
Marketcraft written by Steven Kent Vogel and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with BUSINESS & ECONOMICS categories.
Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. In Marketcraft, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.
The Role Of Governments In Markets
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Author : John F. Wilson
language : en
Publisher: Routledge
Release Date : 2021-05-31
The Role Of Governments In Markets written by John F. Wilson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-31 with Business & Economics categories.
This shortform book presents key peer-reviewed research selected by expert series editors and contextualised by new analysis from each author on government intervention and unexpected consequences in industrial history. With contributions on organisational structure, the quality of corporate governance, protectionism, the shareholder value model, and economic nationalism, this volume provides an array of fascinating insights into industrial history. Of interest to business and economic historians, this shortform book also provides analysis and illustrative case studies that will be valuable reading across the social sciences.
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.
Government And Markets
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Author : Edward J. Balleisen
language : en
Publisher: Cambridge University Press
Release Date : 2009-11-16
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 2009-11-16 with Political Science 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.
Governments Markets And Growth
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Author : John Zysman
language : en
Publisher: Cornell University Press
Release Date : 1983
Governments Markets And Growth written by John Zysman and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
Zysman demonstrates that there is a direct relationship between a nation's financial system and its government's ability to restart the growth engine.
Government S Place In The Market
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Author : Eliot Spitzer
language : en
Publisher: MIT Press
Release Date : 2011-04-18
Government S Place In The Market written by Eliot Spitzer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-18 with Political Science categories.
In his first book, the former New York governor and current CNN cohost offers a manifesto on the economy and the public interest. As New York State Attorney General from 1998 to 2006, Eliot Spitzer successfully pursued corporate crime, including stock price inflation, securities fraud, and predatory lending practices. Drawing on those experiences, in this book Spitzer considers when and how the government should intervene in the workings of the market. The 2009 American bank bailout, he argues, was the wrong way: it understandably turned government intervention into a flashpoint for public disgust because it socialized risk, privatized benefit, and left standing institutions too big to fail, incompetent regulators, and deficient corporate governance. That's unfortunate, because good regulatory policy, he claims, can make markets and firms work efficiently, equitably, and in service of fundamental public values. Spitzer lays out the right reasons for government intervention in the market: to guarantee transparency, to overcome market failures, and to guard our core values against the market's unfair biases such as racism. With specific proposals to serve those ends—from improving corporate governance to making firms responsible for their own risky behavior—he offers a much-needed blueprint for the proper role of government in the market. Finally, taking account of regulatory changes since the crash of 2008, he suggests how to rebuild public trust in government so real change is possible. Responses to Spitzer by Sarah Binder, Andrew Gelman, and John Sides, Dean Baker, and Robert Johnson, raise issues of politics, ideology, and policy.