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Market imperfections, government imperfections, and policy mixes: policy innovations in Singapore

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  • Xun Wu
  • M. Ramesh

Abstract

Proper roles for government and market in addressing policy problems may be assessed by considering the duality between market imperfections and government imperfections. The potential of government interventions or market mechanisms as core policy instruments can be eroded by fundamental deficiencies deeply rooted in either government or market as social institutions. The impacts of such deficiencies are much more extensive than postulated by the existing theories. Analysis here, based on policy innovations in land transport and health care in Singapore, suggests how policy mixes might become the norm of response for addressing policy problems found in a range of sectors. The analytical framework presented may help to distinguish among different policy mixes according to their effectiveness, but also provides some useful guiding principles for policy design. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Xun Wu & M. Ramesh, 2014. "Market imperfections, government imperfections, and policy mixes: policy innovations in Singapore," Policy Sciences, Springer;Society of Policy Sciences, vol. 47(3), pages 305-320, September.
    • Handle: RePEc:kap:policy:v:47:y:2014:i:3:p:305-320
    DOI: 10.1007/s11077-013-9186-x
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    References listed on IDEAS

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    Cited by:

    1. Michael Howlett & M. Ramesh, 2016. "Achilles' heels of governance: Critical capacity deficits and their role in governance failures," Regulation & Governance, John Wiley & Sons, vol. 10(4), pages 301-313, December.
    2. Dayashankar Maurya & Altaf Virani & S. Rajasulochana, 2017. "Horses for Courses: Moving India towards Universal Health Coverage through Targeted Policy Design," Applied Health Economics and Health Policy, Springer, vol. 15(6), pages 733-744, December.
    3. Azad Singh Bali & Michael Howlett & Jenny M Lewis & M Ramesh, 2021. "Procedural policy tools in theory and practice [The stick, the carrot, and other strategies: A theoretical analysis of governmental intervention]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 40(3), pages 295-311.

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