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Quasimarket failure

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Author Info

  • Peter Boettke

    ()

  • Christopher Coyne

    ()

  • Peter Leeson

    ()

Abstract

The efficiency of “quasimarkets”—decentralized public goods provision subjected to Tiebout competition—is a staple of public choice conventional wisdom. Yet in the 1990s a countermovement in political economy called “neoconsolidationism” began to challenge this wisdom. The neoconsolidationists use the logic of government failure central to public choice economics to argue that quasimarkets fail and that jurisdictional consolidation is a superior way to supply public goods and services in metropolitan areas. Public choice scholars have largely ignored the neoconsolidationists’ challenge. This paper brings that challenge to public choice scholars’ attention with the hope of encouraging responses. It also offers some preliminary thoughts about the directions such responses might take.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s11127-011-9833-8
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Bibliographic Info

Article provided by Springer in its journal Public Choice.

Volume (Year): 149 (2011)
Issue (Month): 1 (October)
Pages: 209-224

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Handle: RePEc:kap:pubcho:v:149:y:2011:i:1:p:209-224

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Web page: http://www.springerlink.com/link.asp?id=100332

Related research

Keywords: Quasimarkets; Polycentric; Consolidation; Tiebout; Neoconsolidationism; Metropolitan; Governance; Public goods;

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References

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  1. Rowley, Charles K, 1997. " Donald Wittman's The Myth of Democratic Failure: Review Article," Public Choice, Springer, vol. 92(1-2), pages 15-26, July.
  2. Leeson, Peter T., 2011. "Government, clubs, and constitutions," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 301-308.
  3. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
  4. Thushyanthan Baskaran & Lars P. Feld, 2013. "Fiscal Decentralization and Economic Growth in OECD Countries," Public Finance Review, , vol. 41(4), pages 421-445, July.
  5. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
  6. Randall Holcombe & DeEdgra Williams, 2011. "The cartelization of local governments," Public Choice, Springer, vol. 149(1), pages 65-74, October.
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