Government Failure versus Market Failure PDF
By:Clifford Winston
Published on 2007-04-01 by Brookings Institution Press
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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.
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Book ID of Government Failure versus Market Failure's Books is 67oMvXTNFpQC, Book which was written byClifford Winstonhave ETAG "je0DNx7BoXw"
Book which was published by Brookings Institution Press since 2007-04-01 have ISBNs, ISBN 13 Code is 9780815793915 and ISBN 10 Code is 081579391X
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Book which have "130 Pages" is Printed at BOOK under CategoryBusiness and Economics
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