Markets Or Governments

Author : Charles Wolf, Jr.
Publisher : MIT Press
Page : 260 pages
File Size : 46,8 Mb
Release : 1993-09-02
Category : Business & Economics
ISBN : 0262731045

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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.

Author : Charles Wolf
Publisher : MIT Press (MA)
Page : 220 pages
File Size : 44,7 Mb
Release : 1988-01-01
Category : Capitalism
ISBN : 0262231344

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Markets Or Governments by Charles Wolf Pdf

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.

Author : Eliot Spitzer
Publisher : MIT Press
Page : 96 pages
File Size : 43,7 Mb
Release : 2011-04-18
Category : Political Science
ISBN : 9780262295116

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Government's Place in the Market by Eliot Spitzer Pdf

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.

Author : Steven K. Vogel
Publisher : Oxford University Press
Page : 256 pages
File Size : 47,6 Mb
Release : 2018-02-01
Category : Political Science
ISBN : 9780190699871

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Marketcraft by Steven K. Vogel Pdf

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.

Author : Karen Knop,Sylvia Ostry,Richard Simeon,Katherine Swinton
Publisher : UBC Press
Page : 366 pages
File Size : 51,6 Mb
Release : 2011-11-01
Category : Political Science
ISBN : 9780774842686

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Rethinking Federalism by Karen Knop,Sylvia Ostry,Richard Simeon,Katherine Swinton Pdf

Federalism is at once a set of institutions -- the division of public authority between two or more constitutionally defined orders of government -- and a set of ideas which underpin such institutions. As an idea, federalism points us to issues such as shared and divided sovereignty, multiple loyalties and identities, and governance through multi-level institutions. Seen in this more complex way, federalism is deeply relevant to a wide range of issues facing contemporary societies. Global forces -- economic and social -- are forcing a rethinking of the role of the central state, with power and authority diffusing both downwards to local and state institutions and upwards to supranational bodies. Economic restructuring is altering relationships within countries, as well as the relationships of countries with each other. At a societal level, the recent growth of ethnic and regional nationalisms -- most dramatically in Eastern Europe and the former Soviet Union, but also in many other countries in western Europe and North America -- is forcing a rethinking of the relationship between state and nation, and of the meaning and content of 'citizenship.' Rethinking Federalism explores the power and relevance of federalism in the contemporary world, and provides a wide-ranging assessment of its strengths, weaknesses, and potential in a variety of contexts. Interdisciplinary in its approach, it brings together leading scholars from law, economics, sociology, and political science, many of whom draw on their own extensive involvement in the public policy process. Among the contributors, each writing with the authority of experience, are Tommaso Padoa-Schioppa and Jacques Pelkmans on the European Union, Paul Chartrand on Aboriginal rights, Samuel Beer on North American federalism, Alan Cairns on identity, and Vsevolod Vasiliev on citizenship after the breakup of the Soviet Union. The themes refracted through these different disciplines and political perspectives include nationalism, minority protection, representation, and economic integration. The message throughout this volume is that federalism is not enough -- rights protection and representation are also of fundamental importance in designing multi-level governments.

Author : Charles Wolf (Jr.)
Publisher : Unknown
Page : 0 pages
File Size : 50,6 Mb
Release : 1990
Category : Capitalism
ISBN : OCLC:1336110546

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Markets Or Governments by Charles Wolf (Jr.) Pdf

Author : Charles Wolf (Jr.)
Publisher : Unknown
Page : 220 pages
File Size : 54,5 Mb
Release : 1988
Category : Capitalism
ISBN : OCLC:1150284729

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Markets Or Governments by Charles Wolf (Jr.) Pdf

Author : Paul de Grauwe
Publisher : Oxford University Press
Page : 182 pages
File Size : 54,6 Mb
Release : 2017
Category : Capitalism
ISBN : 9780198784289

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The Limits of the Market by Paul de Grauwe Pdf

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?

Author : Clifford Winston
Publisher : Brookings Institution Press
Page : 154 pages
File Size : 46,9 Mb
Release : 2006
Category : Business & Economics
ISBN : UCSC:32106019031647

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Government Failure Versus Market Failure by Clifford Winston Pdf

When should government intervene in market activity? When is it best to let market forces simply take their natural course? How does existing empirical evidence about government performance inform those decisions? Brookings economist Clifford Winston uses these questions to frame a frank empirical assessment of government economic intervention in Government Failure vs.

Author : Steven Kent Vogel
Publisher : Oxford University Press
Page : 201 pages
File Size : 45,7 Mb
Release : 2018
Category : BUSINESS & ECONOMICS
ISBN : 9780190699857

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Marketcraft by Steven Kent Vogel Pdf

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.

Author : Layna Mosley
Publisher : Cambridge University Press
Page : 406 pages
File Size : 55,7 Mb
Release : 2003-02-03
Category : Business & Economics
ISBN : 0521521629

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Global Capital and National Governments by Layna Mosley Pdf

Global Capital and National Governments suggests that international financial integration does not mean the end of social democratic welfare policies. Capital market openness allows participants to react swiftly and severely to government policy; but in the developed world, capital market participants consider only a few government policies when making decisions. Governments that conform to capital market pressures in macroeconomic areas remain relatively unconstrained in supply-side and micro-economic policy areas. Therefore, despite financial globalization, cross-national policy divergence among advanced democracies remains likely. Still, in the developing world, the influence of financial markets on government policy autonomy is more pronounced. The risk of default renders market participants willing to consider a range of government policies in investment decisions. This inference, however, must be tempered with awareness that governments retain choice. As evidence for its conclusions, Global Capital and National Governments draws on interviews with fund managers, quantitative analyses, and archival investment banking materials.

Author : Avner Offer
Publisher : Cambridge University Press
Page : 243 pages
File Size : 48,7 Mb
Release : 2022-04-07
Category : Business & Economics
ISBN : 9781108496209

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Understanding the Private–Public Divide by Avner Offer Pdf

A distinctive new account of why markets focus on short-term goals, while government needs to concentrate on society's long-term interests.

Author : John F. Wilson,Steven Toms,Ian Jones
Publisher : Routledge
Page : 115 pages
File Size : 46,5 Mb
Release : 2021-05-31
Category : Business & Economics
ISBN : 9780429680632

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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.

Author : Thomas R. Dye
Publisher : JAI Press(NY)
Page : 240 pages
File Size : 53,8 Mb
Release : 1990
Category : Philosophy
ISBN : UOM:39015019634974

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The Political Legitimacy of Markets and Governments by Thomas R. Dye Pdf

These essays set forth the ideas of ten economists, political scientists, sociologists and philosophers. They compare the values of market versus government decision-making and describe the forces that have influenced popular attitudes towards these alternative organizations for societal choice.

Author : John Quiggin
Publisher : Princeton University Press
Page : 404 pages
File Size : 50,8 Mb
Release : 2021-04-13
Category : Business & Economics
ISBN : 9780691217420

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Economics in Two Lessons by John Quiggin Pdf

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.