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The Failure Of Markets
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Book Synopsis Government Failure Versus Market Failure by : Clifford Winston
Download or read book Government Failure Versus Market Failure written by Clifford Winston and published by Brookings Institution Press and AEI. This book was released on 2006 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: When should government intervene in market activity? When is it best to let market forces simply take their natural course? How does existing empirical evidence about government performance inform those decisions? Brookings economist Clifford Winston uses these questions to frame a frank empirical assessment of government economic intervention in Government Failure vs.
Book Synopsis The Failure of Free-Market Economics by : Martin Feil
Download or read book The Failure of Free-Market Economics written by Martin Feil and published by Scribe Publications. This book was released on 2010-03-29 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The basic concept behind free-market economics was simple and seductive: the government should not attempt to pick winners by granting assistance to specific industries, and it should only intervene in the market in circumstances where there has been a substantial market failure.
Book Synopsis The Great Recession by : Robert L. Hetzel
Download or read book The Great Recession written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2012-04-16 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since publication of Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations and the efficacy of the price system in assuring macroeconomic stability. The 2008–9 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and the first half of the twentieth century. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative 'monetary-disorder' view of recessions. A review of cyclical instability over the last two centuries places the 2008–9 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets.
Book Synopsis What Money Can't Buy by : Michael J. Sandel
Download or read book What Money Can't Buy written by Michael J. Sandel and published by Farrar, Straus and Giroux. This book was released on 2012-04-24 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In What Money Can't Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be?In his New York Times bestseller Justice, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society—and how can we protect the moral and civic goods that markets don't honor and that money can't buy?
Book Synopsis The Failure of Markets by : Craig Medlen
Download or read book The Failure of Markets written by Craig Medlen and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A national buyout plan of eco-destroyers -- Needs and wants -- Housing: the case for "in kind" government ownership -- "In kind" health -- Taxing the rich: the time has come -- The corporate elite and the "magic" of the market -- Labor as a political force? -- Towards a democratic economy.
Book Synopsis Government and Markets by : Edward J. Balleisen
Download or read book Government and Markets written by Edward J. Balleisen and published by Cambridge University Press. This book was released on 2010 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
Book Synopsis Market Failure in Context by : Alain Marciano
Download or read book Market Failure in Context written by Alain Marciano and published by . This book was released on 2015 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market Failure, Government Failure, Leadership and Public Policy by : B. Dollery
Download or read book Market Failure, Government Failure, Leadership and Public Policy written by B. Dollery and published by Springer. This book was released on 1999-07-19 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: A global wave of reform is fundamentally reshaping the role of the state in national economies. This book provides a fresh and accessible perspective on the political economy of this megatrend. It traces the theoretical roots of the reforms to developments in public economics which emphasize problems of government rather than market failure. It then breaks new ground in developing an economic theory of leadership to explain how policy leadership networks can strive to influence the direction of reform processes.
Book Synopsis Markets Don't Fail! by : Brian P. Simpson
Download or read book Markets Don't Fail! written by Brian P. Simpson and published by Lexington Books. This book was released on 2005 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all of the contemporary economics textbooks that have been written there is typically at least one chapter that addresses 'market failure.' Markets Don't Fail! is a response to what author Brian Simpson sees as a fundamental error in the thinking of some economists. The chapter titles of this book are crafted against the premises of 'market failure' arguments, and a significant portion of this book focuses on exposing the invalid premises upon which the claims of market failure are based and providing a proper basis upon which to judge the free market. The material in this book provides a strong antidote to the arguments typically presented in contemporary economics textbooks. Through example and argument, Brian Simpson shows that the claims against the free market are not true. In fact, he demonstrates how free markets succeed, how they raise the standard of living of all individuals who live within them, and how free markets allow human life to flourish. However, the book goes much deeper than economics by providing a moral and epistemological defense of the free market. Markets Don't Fail! gets to the fundamental, philosophical reasons why the claims of market failure are false and why markets actually succeed. Through an integration of economics and philosophy Simpson is able to provide a comprehensive, rigorous, and logically consistent defense of the free market. The specific topics covered in the book include monopoly, antitrust laws and predatory pricing, 'externalities,' the regulation of safety and quality, environmentalism, economic inequality, 'public goods,' and asymmetric information. This book is an invaluable tool for anyone who wants to gain a sound understanding of the free market.
Download or read book Business as Usual written by Paul Mattick and published by Reaktion Books. This book was released on 2011-05-15 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global economic downturn has affected nearly everyone in every corner of the globe. Its vast reach and lingering effects have made it difficult to pinpoint its exact cause, and while some economists point to the risks inherent in the modern financial system, others blame long-term imbalances in the world economy. Into this debate steps Paul Mattick, who, in Business as Usual, explains the global economic downturn in relation to the development of the world economy since World War II, but also as a fundamental example of the cycle of crisis and recovery that has characterized capitalism since the early nineteenth century. Mattick explains that today’s recession is not the result of a singular financial event but instead is a manifestation of long-term processes within the world economy. Mattick argues that the economic downturn can best be understood within the context of business cycles, which are unavoidable in a free-market economy. He uses this explanation as a springboard for exploring the nature of our capitalist society and its prospects for the future. Although Business as Usual engages with many economic theories, both mainstream and left-wing, Mattick’s accessible writing opens the subject up in order for non-specialists to understand the current economic climate not as the effect of a financial crisis, but as a manifestation of a truth about the social and economic system in which we live. As a result the book is ideal for anyone who wants to gain a succinct and jargon-free understanding of recent economic events, and, just as important, the overall dynamics of the capitalist system itself.
Book Synopsis The Failure of the Free Market and Democracy by : Daniel Ritter
Download or read book The Failure of the Free Market and Democracy written by Daniel Ritter and published by Serpent's Tail. This book was released on 2020-02-13 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this wide-ranging but accessible overview, economist Daniel Ritter examines the changing circumstances that have led to the economic decline of the West and the rise of populism. He looks at the effects of globalisation and how increasing mechanisation has fuelled discontent, the collapse of existing communities, and a sense of disenfranchisement. The fault, he argues, lies not with advances in technology, or a lack of growth, but in rising inequality and an over-reliance on the free market. Examining the West's situation in a global context, both in relation to the rise of China and the ascendancy of private interest groups, he claims that the free market has failed, and with it representative democracy, arguing that we must 'update our very notions of work and reward' if we are to survive the current crisis. Informed, lucid and strongly argued, Ritter's compelling analysis is a must-read for anyone concerned to discover the origins of our current economic and political malaise, and its possible solutions.
Book Synopsis Public Goods and Market Failures by : Tyler Cowen
Download or read book Public Goods and Market Failures written by Tyler Cowen and published by Transaction Publishers. This book was released on with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assertions of market failure are usually based on Paul Samuelson's theory of public goods and externalities. This book both develops that theory and challenges the conclusion of many economists and policy-makers that market failures cannot be corrected by market forces. The volume includes major case studies of private provision of public goods. Among the goods considered are lighthouse services, education, municipal services, and environmental conservation.
Book Synopsis Achieving Industrialization in East Asia by : Helen Hughes
Download or read book Achieving Industrialization in East Asia written by Helen Hughes and published by Cambridge University Press. This book was released on 1988-11-10 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the economic success of the industrializing economies of East Asia. Judged in terms of economic growth, or by a combination of economic and welfare criteria, this group of East Asian countries has established a clear lead over other developing areas of the world.
Book Synopsis Government Failure by : Wilfred Dolfsma
Download or read book Government Failure written by Wilfred Dolfsma and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Starting from the idea that market and state are intertwined domains, and explaining the economy as a system of communication evolving through innovation, this excellent book makes a valuable contribution to understanding government rule setting in knowledge-based economies. It provides a taxonomy of ways in which government rules function more or less successfully, and addresses the important problem of institutional vulnerability. Intellectual property rights laws and reform of health care systems are perceptively discussed. This book is strongly recommended for public policy experts and researchers investigating the publicprivate economy.' John Davis, Marquette University, US and University of Amsterdam, The Netherlands 'Since the 1970s the conventional wisdom has been that governments should retreat from the economic sphere and enhance the role of markets. The financial crash of 2008 has brought that into question. This stimulating set of essays considers the role of government in modern complex economies. Addressing the potential for both government failure and market failure, and drawing on empirical evidence, these studies are important contributions to a revived debate.' Geoffrey M. Hodgson, University of Hertfordshire, UK 'The idea that governments as well as markets can fail has been central to the public choice literature for the last half century. Typically government failure is described and measured as excessive expenditures or unbalanced budgets. This original book points out that government failures often take the form of inappropriate or inconsistent rules governing the private sector. The argument is nicely illustrated using real-world examples in the areas of healthcare, innovation, and intellectual property. The book is a timely and important contribution to the literature.' Dennis C. Mueller, University of Vienna, Austria This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure. Wilfred Dolfsma illustrates that it is not adequate to discuss government failure simply with reference to its level of expenditure, as is usually the case. Defining government failure and analysing it in the domains of health care, innovation and technology, he explores topics such as how market and society relate, consequences of conflicts between government policies, how government should (not) intervene, the vulnerability of institutions and rules (set out by government), and suggests a welfare perspective for evaluative purposes. This stimulating and thought provoking book will prove a fascinating read for academics, researchers and advanced students in economics particularly public choice and institutional economics public administration, policy studies, and law and economics.
Download or read book Failure by Design written by Josh Bivens and published by Cornell University Press. This book was released on 2011-02-15 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Failure by Design, the Economic Policy Institute’s Josh Bivens takes a step back from the acclaimed State of Working America series, building on its wealth of data to relate a compelling narrative of the U.S. economy’s struggle to emerge from the Great Recession of 2008. Bivens explains the causes and impact on working Americans of the most catastrophic economic policy failure since the 1920s. As outlined clearly here, economic growth since the late 1970s has been slow and inequitably distributed, largely as a result of poor policy choices. These choices only got worse in the 2000s, leading to an anemic economic expansion. What growth we did see in the economy was fueled by staggering increases in private-sector debt and a housing bubble that artificially inflated wealth by trillions of dollars. As had been predicted, the bursting of the housing bubble had disastrous consequences for the broader economy, spurring a financial crisis and a rise in joblessness that dwarfed those resulting from any recession since the Great Depression. The fallout from the Great Recession makes it near certain that there will be yet another lost decade of income growth for typical families, whose incomes had not been boosted by the previous decade’s sluggish and localized economic expansion. In its broad narrative of how the economy has failed to deliver for most Americans over much of the past three decades, Failure by Design also offers compelling graphic evidence on jobs, incomes, wages, and other measures of economic well-being most relevant to low- and middle-income workers. Josh Bivens tracks these trends carefully, giving a lesson in economic history that is readable yet rigorous in its analysis. Intended as both a stand-alone volume and a companion to the new State of Working America website that presents all of the data underlying this cogent analysis, Failure by Design will become required reading as a road map to the economic problems that confront working Americans.
Book Synopsis Markets and the Environment, Second Edition by : Nathaniel O. Keohane
Download or read book Markets and the Environment, Second Edition written by Nathaniel O. Keohane and published by Island Press. This book was released on 2016-01-05 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. ... Now thoroughly revised with updated information on current environmental policy and real-world examples of market-based instruments .... The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability. Readers of the first edition will notice new analysis of cost estimation as well as specific market instruments, including municipal water pricing and waste disposal. Particular attention is paid to behavioral economics and cap-and-trade programs for carbon."--Publisher's web site.
Book Synopsis Market Failure Or Success by : Tyler Cowen
Download or read book Market Failure Or Success written by Tyler Cowen and published by . This book was released on 2002 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new techn
