The Usefulness Of Market Failure In Explaining Government Action

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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.

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.

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.

In What Ways Does The Market Fail Where Science And Technology Are Concerned And Can The Government Usefully Address Such Failure

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Author : Henning Schmidt
language : en
Publisher: GRIN Verlag
Release Date : 2007-02-05

In What Ways Does The Market Fail Where Science And Technology Are Concerned And Can The Government Usefully Address Such Failure written by Henning Schmidt and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-05 with Business & Economics categories.

Essay from the year 2004 in the subject Economics - Macro-economics, general, grade: 70%, University of Hertfordshire (Business School), course: Economic Policy, language: English, abstract: This assignment will deal with the question in what ways markets for science and technology fail and how a government can address to these failures. As approach there will be first the defining of the terms used, followed by a theoretical explanation of market failure and its causes in general. The major consideration will be towards the appropriability of the returns on an innovation. From here on, the possibilities of the state to intervene and its reasons for and against it will be looked at. Then it will be concluded which measures are considered a useful addressing towards this specific kind of market failure and which not. The question behind all considerations on intervention will be how either sufficient property rights are created or lacking property rights are compensated. Regarding “science and technology” this essay will take any activity inside of a national economy that is aimed to create knowledge of any kind as part of the consideration. It is acknowledged, that “technology” produces private goods with profit as driving incentive, whereas “science” is producing a public good, driven by the evaluation of other scientists (see Stoneman 1995 p. 4). A further distinction of both is not undertaken in this concern, as the question involves both terms and the differences are not considered to be crucial for the further considerations. The Schumpeterian approach that before an innovation as the development of an idea into a marketable product there needs to be the invention, the scientific generation of new ideas, and that an innovation ends with its diffusion is acknowledged as well (see Stoneman, 1987, pp. 8 - 9 ). In the following considerations these processes are considered given as part of the general economic activity. On markets, “property rights” are exchanged, deducted from the surrounding legal institutions, by which an economic agent controls an economic good to a certain extent (See Fritsch et al p.19, p.6). It will be shown that the basis for market failure lies within inadequate property rights for technology and also that to a certain extent, this is economically desirable. The theoretical concept of “market failure” founds on violations of the conditions necessary for a socially optimal and efficient result in perfect competition, i.e. uncertainty, externalities and indivisibilities (See Acocella, p. 89).

Market Failure And Government Intervention

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Author : Joe Wallis
language : en
Publisher:
Release Date :

Market Failure And Government Intervention written by Joe Wallis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.

Economics In Two Lessons

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Author : John Quiggin
language : en
Publisher: Princeton University Press
Release Date : 2021-04-13

Economics In Two Lessons written by John Quiggin and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-13 with Business & Economics categories.

Since 1946, Henry Hazlitt's bestselling Economics in One Lesson has popularized the belief that economics can be boiled down to one simple lesson: market prices represent the true cost of everything. But one-lesson economics tells only half the story. It can explain why markets often work so well, but it can't explain why they often fail so badly--or what we should do when they stumble. Quiggin teaches both lessons, offering an introduction to the key ideas behind the successes--and failures--of free markets. He explains why market prices often fail to reflect the full cost of our choices to society as a whole. Two-lesson economics means giving up the dogmatism of laissez-faire as well as the reflexive assumption that any economic problem can be solved by government action, since the right answer often involves a mixture of market forces and government policy. But the payoff is huge: understanding how markets actually work--and what to do when they don't. This book unlocks the essential issues at the heart of any economic question. --From publisher description.

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 Arguments Are A Poor Guide To Policy

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Author : Ryan Bourne
language : en
Publisher:
Release Date : 2020

Market Failure Arguments Are A Poor Guide To Policy written by Ryan Bourne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.

'Market failure' is frequently offered as a justification for government intervention in the economy. Proponents of interventions can point to almost limitless examples of markets which do not meet all the criteria for Pareto optimality and argue that government taxation, subsidies or regulation can perfect them, maximising social welfare. But comparing market outcomes with an unattainable and unidentifiable ideal is not useful in a world of imperfect knowledge and government failure. It is better to compare market outcomes against realistic alternatives. Furthermore, even within the market failure paradigm, concepts such as 'public goods' and 'negative externalities' are routinely misunderstood and inconsistently applied. This leads to predictably poor policy outcomes.

The Budget And Economic Outlook

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Author :
language : en
Publisher:
Release Date : 2008

The Budget And Economic Outlook written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Budget categories.

Why Government Fails So Often

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Author : Peter H. Schuck
language : en
Publisher: Princeton University Press
Release Date : 2015-08-25

Why Government Fails So Often written by Peter H. Schuck and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-25 with Law categories.

"From healthcare to workplace conduct, the federal government is taking on ever more responsibility for managing our lives. At the same time, Americans have never been more disaffected with Washington, seeing it as an intrusive, incompetent, wasteful giant. The most alarming consequence of ineffective policies, in addition to unrealized social goals, is the growing threat to the government's democratic legitimacy. Understanding why government fails so often--and how it might become more effective--is an urgent responsibility of citizenship. In this book, lawyer and political scientist Peter Schuck provides a wide range of examples and an enormous body of evidence to explain why so many domestic policies go awry--and how to right the foundering ship of state.Schuck argues that Washington's failures are due not to episodic problems or partisan bickering, but rather to deep structural flaws that undermine every administration, Democratic and Republican. These recurrent weaknesses include unrealistic goals, perverse incentives, poor and distorted information, systemic irrationality, rigidity and lack of credibility, a mediocre bureaucracy, powerful and inescapable markets, and the inherent limits of law. To counteract each of these problems, Schuck proposes numerous achievable reforms, from avoiding moral hazard in student loan, mortgage, and other subsidy programs, to empowering consumers of public services, simplifying programs and testing them for cost-effectiveness, and increasing the use of "big data." The book also examines successful policies--including the G.I. Bill, the Voting Rights Act, the Earned Income Tax Credit, and airline deregulation--to highlight the factors that made them work.An urgent call for reform, Why Government Fails So Often is essential reading for anyone curious about why government is in such disrepute and how it can do better"--