Government Failure Versus Market Failure
Microeconomics Policy Research and Government Performance
By (author) Clifford Winston
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Government Failure Versus Market Failure by Clifford Winston
Book DescriptionWhen 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 DetailsISBN: 9780815793892
(229mm x 152mm x 9mm)
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 26-Oct-2006
Country of Publication: United States
Books By Author Clifford Winston
First Thing We Do, Let's Deregulate All the Lawyers, Paperback (August 2011)
Not many Americans think of the legal profession as a monopoly, but it is. Abraham Lincoln, who practiced law for nearly twenty-five years, would likely not have been allowed to practice today.
Last Exit, Paperback (September 2010)
In Last Exit Clifford Winston reminds us that transportation services and infrastructure in the United States were originally introduced by private firms.
Aviation Infrastructure Performance, Hardback (April 2008)
Aviation performance is an important cog in modern globalized economies, which demand flexibility, mobility, efficiency, and dependability. Airport delays have gone from being a nuisance to being a salient public concern, drawing the ire of even the White House.
Government Failure Versus Market Failure, Hardback (October 2006)» View all books by Clifford Winston
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? Here, the author offers his analysis to assess the efficacy of government interventions.
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Author Biography - Clifford Winston
Clifford Winston is a senior fellow in Economic Studies at the Brookings Institution, Washington, D.C., USA. Among his previous books are Deregulation of Network Industries: What's Next? coedited with Sam Peltzman (AEI-Brookings, 2000), and Alternate Route: Toward Efficient Urban Transportation , cowritten with Chad Shirley (Brookings, 1998).
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