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.
General
Imprint: |
Brookings Institution Press
|
Country of origin: |
United States |
Series: |
AEI-Brookings Joint Center for Regulatory Studies S. |
Release date: |
October 2006 |
First published: |
2006 |
Authors: |
Clifford Winston
|
Dimensions: |
228 x 152 x 10mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
130 |
ISBN-13: |
978-0-8157-9389-2 |
Categories: |
Books >
Business & Economics >
Economics >
Microeconomics >
General
|
LSN: |
0-8157-9389-8 |
Barcode: |
9780815793892 |
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