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Market Failures and Multi-layered Collective Action. US Economic Debates

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  • Fabio Masini
  • Albertina Nania

Abstract

The paper reconstructs the debates in the USA about economic theorizing and policymaking advisory concerning a multi-layered system of governments. Beyond apparent similarities, it highlights the ontological divides between Ostrom-Tiebout- Warren on polycentric governance and Buchanan on competitive federalism on the one side, and Musgrave?s and Olson?s fiscal federalism. It further underlines how such divides - concerning the relative role of individuals, markets, collective author- ities, and social order - echoed similar debates in Europe related to a multi-layered economic system, again depending mostly on different ontological assumptions.

Suggested Citation

  • Fabio Masini & Albertina Nania, 2023. "Market Failures and Multi-layered Collective Action. US Economic Debates," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2023(1), pages 69-89.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2023-001003
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    References listed on IDEAS

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    1. Richard Abel Musgrave, 1939. "The Voluntary Exchange Theory of Public Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 53(2), pages 213-237.
    2. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
    3. Olson, Mancur, Jr, 1969. "The Principle of "Fiscal Equivalence": The Division of Responsibilities among Different Levels of Government," American Economic Review, American Economic Association, vol. 59(2), pages 479-487, May.
    4. Boettke, Peter J. & Coyne, Christopher J., 2005. "Methodological individualism, spontaneous order and the research program of the Workshop in Political Theory and Policy Analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 57(2), pages 145-158, June.
    5. Fabio Masini, 2012. "Designing the institutions of international liberalism: some contributions from the interwar period," Constitutional Political Economy, Springer, vol. 23(1), pages 45-65, March.
    6. Amrita Chhachhi & Tim Forsyth & Craig Johnson, 2014. "Elinor Ostrom's Legacy: Governing the Commons and the Rational Choice Controversy," Development and Change, International Institute of Social Studies, vol. 45(5), pages 1093-1110, September.
    7. Sen, Amartya Kumar, 1970. "The Impossibility of a Paretian Liberal," Scholarly Articles 3612779, Harvard University Department of Economics.
    8. Sen, Amartya, 1970. "The Impossibility of a Paretian Liberal," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 152-157, Jan.-Feb..
    9. Fabio Masini, 2016. "Trading-Off National and Supranational Collective Goods: The Birth and Death of Neoliberal Pluralism," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(4), pages 339-356, October.
    10. Charles M. Tiebout, 1961. "An Economic Theory of Fiscal Decentralization," NBER Chapters, in: Public Finances: Needs, Sources, and Utilization, pages 79-96, National Bureau of Economic Research, Inc.
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    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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