Loading...
Please wait, while we are loading the content...
Similar Documents
Government Failure and Market Failure
| Content Provider | Scilit |
|---|---|
| Author | Munger, Michael |
| Copyright Year | 2017 |
| Description | Collectivist ideals often focus on the just distributions, in relative terms, of fixed endowments of resources. Many libertarians are skeptical of ideal theories that involve state action, because they think that governments often fail to achieve the goals that proponents claim governments are created to achieve. This chapter considers 'market failure' and 'government failure' and places these two notions in a hierarchy. It evaluates the orthodox 'market failure' paradigm, and then describes the types of market failures in detail. The chapter examines the categories of government failure, and reviews their implications. It discusses the empirical problem of judging which sort of failure is more likely. The economistic approach that dominates much of social science and policy analysis starts with market processes. The so-called 'Public Choice' extensions of the market-failure approach tend to retain the Pareto optimality standard. The definition of market failure requires a particular benchmark. The benchmarking process uses competitive equilibrium theory, or CET, as its animating force. Book Name: The Routledge Handbook of Libertarianism |
| Related Links | https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.4324/9781317486794-25&type=chapterpdf |
| Ending Page | 357 |
| Page Count | 16 |
| Starting Page | 342 |
| DOI | 10.4324/9781317486794-25 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2017-08-18 |
| Access Restriction | Open |
| Subject Keyword | Book Name: The Routledge Handbook of Libertarianism History and Philosophy of Science Market Failure Optimality Ideals Government Failure Theories Governments Often |
| Content Type | Text |
| Resource Type | Chapter |
