The Usefulness Of Market Failure In Explaining Government Action

Author : Komiete Tetteh
Publisher : Unknown
Page : 20 pages
File Size : 41,9 Mb
Release : 2013-11
Category : Electronic
ISBN : 3656535760

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The Usefulness of Market Failure in Explaining Government Action by Komiete Tetteh Pdf

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.

Author : Clifford Winston
Publisher : Brookings Institution Press
Page : 147 pages
File Size : 54,6 Mb
Release : 2007-04-01
Category : Business & Economics
ISBN : 9780815793915

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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.

Author : B. Dollery,J. Wallis
Publisher : Springer
Page : 214 pages
File Size : 50,9 Mb
Release : 1999-07-19
Category : Business & Economics
ISBN : 9780230372962

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Market Failure, Government Failure, Leadership and Public Policy by B. Dollery,J. Wallis Pdf

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.

Author : Paul de Grauwe
Publisher : Oxford University Press
Page : 182 pages
File Size : 44,7 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 : Anonim
Publisher : Unknown
Page : 196 pages
File Size : 54,5 Mb
Release : 2008
Category : Budget
ISBN : OSU:32437122690759

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The Budget and Economic Outlook by Anonim Pdf

Author : Steven P. Croley
Publisher : Princeton University Press
Page : 393 pages
File Size : 46,7 Mb
Release : 2009-01-10
Category : Law
ISBN : 9781400828142

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Regulation and Public Interests by Steven P. Croley Pdf

Not since the 1960s have U.S. politicians, Republican or Democrat, campaigned on platforms defending big government, much less the use of regulation to help solve social ills. And since the late 1970s, "deregulation" has become perhaps the most ubiquitous political catchword of all. This book takes on the critics of government regulation. Providing the first major alternative to conventional arguments grounded in public choice theory, it demonstrates that regulatory government can, and on important occasions does, advance general interests. Unlike previous accounts, Regulation and Public Interests takes agencies' decision-making rules rather than legislative incentives as a central determinant of regulatory outcomes. Drawing from both political science and law, Steven Croley argues that such rules, together with agencies' larger decision-making environments, enhance agency autonomy. Agency personnel inclined to undertake regulatory initiatives that generate large but diffuse benefits (while imposing smaller but more concentrated costs) can use decision-making rules to develop socially beneficial regulations even over the objections of Congress and influential interest groups. This book thus provides a qualified defense of regulatory government. Its illustrative case studies include the development of tobacco rulemaking by the Food and Drug Administration, ozone and particulate matter rules by the Environmental Protection Agency, the Forest Service's "roadless" policy for national forests, and regulatory initiatives by the Securities and Exchange Commission and the Federal Trade Commission.

Author : Gordon Tullock,Gordon L. Brady,Arthur Seldon
Publisher : Cato Institute
Page : 211 pages
File Size : 53,5 Mb
Release : 2002-05-01
Category : Political Science
ISBN : 9781935308003

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Government Failure by Gordon Tullock,Gordon L. Brady,Arthur Seldon Pdf

When market forces fail us, what are we to do? Who will step in to protect the public interest? The government, right? Wrong. The romantic view of bureaucrats coming to the rescue confuses the true relationship between economics and politics. Politicians often cite "market failure" as justification for meddling with the economy, but a group of leading scholars show the shortcomings of this view. In Government Failure, these scholars explain the school of study known as "public choice," which uses the tools of economics to understand and evaluate government activity. Gordon Tullock, one of the founders of public choice, explains how government "cures" often cause more harm than good. Tullock provides an engaging overview of public choice and discusses how interest groups seek favors from government at enormous costs to society. Displaying the steely realism that has marked public choice, Tullock shows the political world as it is, rather than as it should be. Gordon Brady scrutinizes American public policy, looking closely at international trade, efforts at regulating technology, and environmental policy. At every turn Brady points out the ways in which interest groups have manipulated the government to advance their own agendas. Arthur Seldon, a seminal scholar in public choice, provides a comparative perspective from Great Britain. He examines how government interventions in the British economy have led to inefficiency and warns about the political centralization promised by the European Community. Government Failure heralds a new approach to the study of politics and public policy. This book enlightens readers with the basic concepts of public choice in an unusually accessible way to show the folly of excessive faith in the state.

Author : Victor R. Fuchs
Publisher : University of Chicago Press
Page : 366 pages
File Size : 49,5 Mb
Release : 2008-04-15
Category : Political Science
ISBN : 9780226267951

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Individual and Social Responsibility by Victor R. Fuchs Pdf

Does government spend too little or too much on child care? How can education dollars be spent more efficiently? Should government's role in medical care increase or decrease? In this volume, social scientists, lawyers, and a physician explore the political, social, and economic forces that shape policies affecting human services. Four in-depth studies of human-service sectors—child care, education, medical care, and long-term care for the elderly—are followed by six cross-sector studies that stimulate new ways of thinking about human services through the application of economic theory, institutional analysis, and the history of social policy. The contributors include Kenneth J. Arrow, Martin Feldstein, Victor Fuchs, Alan M. Garber, Eric A. Hanushek, Christopher Jencks, Seymour Martin Lipset, Glenn Loury, Roger G. Noll, Paul M. Romer, Amartya Sen, and Theda Skocpol. This timely study sheds important light on the tension between individual and social responsibility, and will appeal to economists and other social scientists and policymakers concerned with social policy issues.

Author : David R. Henderson
Publisher : Unknown
Page : 664 pages
File Size : 51,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 0865976651

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The Concise Encyclopedia of Economics by David R. Henderson Pdf

Contains 168 alphabetically arranged essays that provide information about topics related to economics, and includes biographical profiles of nearly one hundred noted economists.

Author : Oliver E. Williamson,Sidney G. Winter
Publisher : Oxford University Press, USA
Page : 260 pages
File Size : 49,6 Mb
Release : 1993
Category : Business & Economics
ISBN : 0195083563

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The Nature of the Firm by Oliver E. Williamson,Sidney G. Winter Pdf

This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.

Author : Ingo Walter
Publisher : Open Book Publishers
Page : 134 pages
File Size : 52,9 Mb
Release : 2016-11-21
Category : Business & Economics
ISBN : 9781783742967

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The Infrastructure Finance Challenge by Ingo Walter Pdf

Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor Emeritus of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University, and his team of experts tackle the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the varied challenges of the contemporary economy.

Author : R. Coase,N. Wang
Publisher : Springer
Page : 256 pages
File Size : 45,9 Mb
Release : 2016-04-30
Category : Business & Economics
ISBN : 9781137019370

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How China Became Capitalist by R. Coase,N. Wang Pdf

How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony.

Author : Marc Holzer
Publisher : CRC Press
Page : 1324 pages
File Size : 40,7 Mb
Release : 2019-02-13
Category : Political Science
ISBN : 9781482277074

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Public Productivity Handbook by Marc Holzer Pdf

Anyone hoping to improve teamwork, performance, and budgeting, training, and evaluation programs in their organization should look no further. Completely revised, Public Productivity Handbook, Second Edition defines the role of leadership, dimensions of employee commitment, and multiple employee-organization based relationships for effective intern

Author : Alain Marciano,Steven G. Medema
Publisher : Unknown
Page : 280 pages
File Size : 55,9 Mb
Release : 2016-01-07
Category : Business & Economics
ISBN : 0822368331

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Market Failure in Context by Alain Marciano,Steven G. Medema Pdf

This volume explores the social, political, and intellectual contexts in which twentieth-century notions of market failure were developed. Markets can fail to perform in ways that best promote the larger interests of society: this idea is as old as economics itself and is one of the most crucial issues with which economic thinkers have had to grapple. However, while the history of the theory of market failure has received some critical examination, little attention has been paid to the larger contexts in which these theoretical analyses emerged. Contributors to this volume directly examine these contexts to gain a greater understanding of and appreciation for the influence of external ideas and events on the development of economic theories and to stimulate additional scholarship around this important facet of the history of economics.

Author : The Core Team
Publisher : Oxford University Press, USA
Page : 0 pages
File Size : 41,9 Mb
Release : 2019
Category : Economic policy
ISBN : 0198849842

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Economy, Society and Public Policy by The Core Team Pdf

Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.