Download or read book Government Failure Versus Market Failure written by Clifford Winston and published by Brookings Institution Press and AEI. This book was released on 2006 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Why Government Fails So Often written by Peter H. Schuck and published by Princeton University Press. This book was released on 2015-08-25 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--

Download or read book Morality Competition and the Firm written by Joseph Heath and published by Oxford University Press. This book was released on 2014-08-01 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this collection of provocative essays, Joseph Heath provides a compelling new framework for thinking about the moral obligations that private actors in a market economy have toward each other and to society. In a sharp break with traditional approaches to business ethics, Heath argues that the basic principles of corporate social responsibility are already implicit in the institutional norms that structure both marketplace competition and the modern business corporation. In four new and nine previously published essays, Heath articulates the foundations of a "market failures" approach to business ethics. Rather than bringing moral concerns to bear upon economic activity as a set of foreign or externally imposed constraints, this approach seeks to articulate a robust conception of business ethics derived solely from the basic normative justification for capitalism. The result is a unified theory of business ethics, corporate law, economic regulation, and the welfare state, which offers a reconstruction of the central normative preoccupations in each area that is consistent across all four domains. Beyond the core theory, Heath offers new insights on a wide range of topics in economics and philosophy, from agency theory and risk management to social cooperation and the transaction cost theory of the firm.

Download or read book Government and Markets written by Edward J. Balleisen and published by Cambridge University Press. This book was released on 2010 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Individual and Social Responsibility written by Victor R. Fuchs and published by University of Chicago Press. This book was released on 2008-04-15 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Market Failure Government Failure Leadership and Public Policy written by B. Dollery and published by Springer. This book was released on 1999-07-19 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Limits of the Market written by Paul de Grauwe and published by Oxford University Press. This book was released on 2017 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul De Grauwe examines why a healthy mix of market and state seems so difficult and analyses the internal and external limits of the market and the government, and the swing between these two points.

Download or read book The Budget and Economic Outlook written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How Markets Fail written by Cassidy John and published by Penguin UK. This book was released on 2013-01-31 with total page 485 pages. Available in PDF, EPUB and Kindle. Book excerpt: How did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.

Download or read book Government Failure written by Gordon Tullock and published by Cato Institute. This book was released on 2002-05-01 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Market Failure in Context written by Alain Marciano and published by . This book was released on 2016-01-07 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Regulation and Public Interests written by Steven P. Croley and published by Princeton University Press. This book was released on 2009-01-10 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Water Markets written by Terry Lee Anderson and published by Cato Institute. This book was released on 1997 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents examples of how water markets are working in the United States and abroad and examines the development of water law.

Download or read book The Infrastructure Finance Challenge written by Ingo Walter and published by Open Book Publishers. This book was released on 2016-11-21 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Economy Society and Public Policy written by The Core Team and published by Oxford University Press, USA. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Public Choice written by Eamonn Butler and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Market failure' is a term widely used by politicians, journalists and university and A-level economics students and teachers. However, those who use the term often lack any sense of proportion about the ability of government to correct market failures. This arises partly from the lack of general knowledge -- and lack of coverage in economics syllabuses -- of Public Choice economics. Public Choice economics applies realistic insights about human behaviour to the process of government, and it is extremely helpful for all those who have an interest in -- or work in -- public policy to understand this discipline. If we assume that at least some of those involved in the political process -- whether elected representatives, bureaucrats, regulators, public sector workers or electors -- will act in their own self-interest rather than in the general public interest, it should give us much less confidence that government can 'correct' market failure. This complex area of economics has been summarised in a very clear primer by Eamonn Butler. The author helps the reader to understand the limits of the government's ability to correct market failure and also explains the implications of public choice economics for the design of systems of government -- a topic that is highly relevant in contemporary political debate. This text is an important contribution for all who seek to understand better the role that government should play in economic life.

Download or read book The Demand and Supply of Public Goods written by James M. Buchanan and published by . This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public-goods theory constituted a major element in James M. Buchanan’s research agenda throughout the 1960s. The Demand and Supply of Public Goods is a major part of that work. At the time that Buchanan was elaborating on his theories of public goods, the prevailing trend in public economics was the emergence of public-expenditure theory, which attempted to form a comprehensive theory of the state around the notion of market failure. The Demand and Supply of Public Goods established Buchanan’s broad purpose of explicitly comparing market performance with political performance. As such, the book is an important part of Buchanan’s contractarian theory of the "productive state.” Conceived originally as a series of lectures given at Cambridge University in 1961 and 1962, The Demand and Supply of Public Goods is written for students, but is in no way a textbook of dry pedagogy. Instead, as Geoffrey Brennan writes in the foreword, "What Buchanan provides here is a clear statement of the contractarian approach to public goods problems, very much in the 'voluntary exchange’ tradition of Wicksell and Lindhal.” James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century. The entire series will include: Volume 1: The Logical Foundations of Constitutional Liberty Volume 2: Public Principles of Public Debt Volume 3: The Calculus of Consent Volume 4: Public Finance in Democratic Process Volume 5: The Demand and Supply of Public Goods Volume 6: Cost and Choice Volume 7: The Limits of Liberty Volume 8: Democracy in Deficit Volume 9: The Power to Tax Volume 10: The Reason of Rules Volume 11: Politics by Principle, Not Interest Volume 12: Economic Inquiry and Its Logic Volume 13: Politics as Public Choice Volume 14: Debt and Taxes Volume 15: Externalities and Public Expenditure Theory Volume 16: Choice, Contract, and Constitutions Volume 17: Moral Science and Moral Order Volume 18: Federalism, Liberty, and the Law Volume 19: Ideas, Persons, and Events Volume 20: Indexes