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Markets or Governments, second edition by Charles Wolf, Jr. Pdf
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.
Vito Tanzi offers a truly comprehensive treatment of the economic role of the state in the twentieth and twenty-first centuries from a historical and world perspective. The book addresses the fundamental question of what governments should do, or have attempted to do, in economic activities in past and recent periods. It also speculates on what they are likely or may be forced to do in future years. The investigation assembles a large set of statistical information that should prove useful to policy-makers and scholars in the perennial discussion of government's optimal economic roles. It will become an essential reference work on the analytical borders between the market and the state, and on what a reasonable 'exit strategy' from the current fiscal crises should be.
Government and Markets by Edward J. Balleisen,David A. Moss Pdf
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 Yet there is a real danger that regulatory reforms will be rooted in outdated ideas.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.
The Illusion of Free Markets by Bernard E. Harcourt Pdf
It is widely believed today that the free market is the best mechanism ever invented to efficiently allocate resources in society. Just as fundamental as faith in the free market is the belief that government has a legitimate and competent role in policing and the punishment arena. This curious incendiary combination of free market efficiency and the Big Brother state has become seemingly obvious, but it hinges on the illusion of a supposedly natural order in the economic realm. The Illusion of Free Markets argues that our faith in “free markets” has severely distorted American politics and punishment practices. Bernard Harcourt traces the birth of the idea of natural order to eighteenth-century economic thought and reveals its gradual evolution through the Chicago School of economics and ultimately into today’s myth of the free market. The modern category of “liberty” emerged in reaction to an earlier, integrated vision of punishment and public economy, known in the eighteenth century as “police.” This development shaped the dominant belief today that competitive markets are inherently efficient and should be sharply demarcated from a government-run penal sphere. This modern vision rests on a simple but devastating illusion. Superimposing the political categories of “freedom” or “discipline” on forms of market organization has the unfortunate effect of obscuring rather than enlightening. It obscures by making both the free market and the prison system seem natural and necessary. In the process, it facilitated the birth of the penitentiary system in the nineteenth century and its ultimate culmination into mass incarceration today.
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.
Focusing on ways that markets work with, rather than against, governments to enhance public welfare. The optimal mix of market forces and government intervention to allocate resources is one of the longest-standing problems facing human civilization. At the theoretical extremes, resources in centrally planned economies are allocated by the government, while resources in capitalist economies are allocated by private markets. In practice, market forces and government interventions co-exist to allocate goods and services in a political environment with shifting pressures to give one approach more responsibility than the other. Current public attitudes toward markets are at a low point in the wake of the Great Recession and the growth in income inequality that began in the 1970s. However, in this book, noted Brookings economist Clifford Winston argues that it is a serious mistake to overlook that markets will be a critical part of the solution to any public objective—whether it be to reduce inequality, stimulate long-term growth, slow climate change, or eliminate COVID 19. In Winston's view, policymakers should be much more aware of the many ways that markets help government to achieve economic and social goals and the potential that markets have to provide greater assistance in achieving those goals. Winston synthesizes the empirical evidence on the efficacy of markets in helping to protect consumers against anti-competitive behavior and when technology appears to prevent price competition; to enable individuals to make more informed decisions; and to reduce negative externalities, improve public production, and encourage innovations. Importantly, Winston presents evidence indicating how markets can also help to reduce poverty, promote fairness in labor markets, and provide merit goods. Winston subjects his assessment to a robustness test by explaining how market forces have helped to address the COVID-19 pandemic by, for example, finding new ways for people to work safely and providing incentives for pharmaceutical companies to develop safe and effective vaccines. Winston takes a proactive approach in his conclusion by suggesting the formation of a major “Commission” composed of academics, policymakers, and businesspeople. Such a panel could explore how market forces could provide greater help to government to address economic and social problems and could provide specific recommendations to facilitate market solutions where appropriate.
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.
John Gray is now established as one of the UK's leading political thinkers. For over a decade he has been asssociated with the ideas and think-tanks of the New Right. In this book he presents both a criticism of the ideological excesses of New Right ideology and a radical critique of the New Right itself, developed from the standpoint of traditional conservatism. All the major thinkers and themes of the New Right are examined, together with many major issues of current public policy - such as the growth of the underclass, the future of the welfare state and the role of government in education and culture. The author also argues that there are deep affinities between conservative ideology and Green thought. He advances radical proposals for the preservation and renewal of common life for an age in which the ideals of modernism, including continuous economic growth, are decreasingly viable. He expresses his conviction that conservative philosophy will find its future in dissociating itelf from the neo-liberalism that has lately dominated policy, and returning to the task of redefining traditional values.
A textbook that examines how societies reach decisions about the use and allocation of economic resources While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society’s sense of fairness? Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more. Markets, State, and People offers a new way of approaching public economics. A focus on markets and institutions Policy ideas in historical context Real-world examples How economic theory helps policymakers tackle dilemmas and choices
Government Failure versus Market Failure by Clifford Winston Pdf
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.
'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.
The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show?
The Role of Governments in Markets by John F. Wilson,Steven Toms,Ian Jones Pdf
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.
Developing Government Bond Markets: A Handbook by Anonim Pdf
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
