'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.
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