IDEAS home Printed from https://ideas.repec.org/a/eee/teinso/v47y2016icp16-24.html
   My bibliography  Save this article

How advances in technology keep reducing interventionist policy rationales

Author

Listed:
  • Foldvary, Fred E.
  • Hammer, Eric J.

Abstract

Rationales for government interventions in the market are typically based on theories of market failure set within a framework of fixed private-sector practices and technologies. However, continuous technological progress and entrepreneurial innovation are eroding the theoretical foundations of these policies, making them increasingly obsolete. This paper describes the four pillars of market failure doctrine and provides examples of how the market is using technology to solve problems previously considered to necessitate government intervention.

Suggested Citation

  • Foldvary, Fred E. & Hammer, Eric J., 2016. "How advances in technology keep reducing interventionist policy rationales," Technology in Society, Elsevier, vol. 47(C), pages 16-24.
    • Handle: RePEc:eee:teinso:v:47:y:2016:i:c:p:16-24
    DOI: 10.1016/j.techsoc.2016.07.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0160791X15300580
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techsoc.2016.07.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    2. Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(2), pages 229-264.
    3. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264219, Febrero.
    4. Fred E. Foldvary, 1994. "Public Goods And Private Communities," Books, Edward Elgar Publishing, number 167, March.
    5. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264202.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stefano Moroni & Valentina Antoniucci & Adriano Bisello, 2019. "Local Energy Communities and Distributed Generation: Contrasting Perspectives, and Inevitable Policy Trade-Offs, beyond the Apparent Global Consensus," Sustainability, MDPI, vol. 11(12), pages 1-16, June.
    2. Pütz, Fabian & Murphy, Finbarr & Mullins, Martin & O'Malley, Lisa, 2019. "Connected automated vehicles and insurance: Analysing future market-structure from a business ecosystem perspective," Technology in Society, Elsevier, vol. 59(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Johannes Lundberg, 2022. "Agency Theory’s “Truth Regime”: Reading Danish Pension Funds’ Decisions Regarding Shell from the Perspective of Agency Theory," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    2. Kairys Jr., Joseph P., 2010. "Maximizing the Wealth of a Nation: A Paradigm for Political Economy," Working Papers in Economics 477, University of Gothenburg, Department of Economics.
    3. Petrick, Martin, 2004. "Governing Structural Change And Externalities In Agriculture: Toward A Normative Institutional Economics Of Rural Development," IAMO Discussion Papers 14878, Institute of Agricultural Development in Transition Economies (IAMO).
    4. Adam Martin & Matias Petersen, 2019. "Poverty Alleviation as an Economic Problem," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(1), pages 205-221.
    5. Julia Rotter & Peppi-Emilia Airike & Cecilia Mark-Herbert, 2014. "Exploring Political Corporate Social Responsibility in Global Supply Chains," Journal of Business Ethics, Springer, vol. 125(4), pages 581-599, December.
    6. Potgieter, Petrus H., 2010. "Water and energy in South Africa – managing scarcity," MPRA Paper 23360, University Library of Munich, Germany.
    7. Weerachart T. Kilenthong & Robert M. Townsend, 2021. "A Market-Based Solution for Fire Sales and Other Pecuniary Externalities," Journal of Political Economy, University of Chicago Press, vol. 129(4), pages 981-1010.
    8. Ulrike Reisach, 2016. "The creation of meaning and critical ethical reflection in operational research," EURO Journal on Decision Processes, Springer;EURO - The Association of European Operational Research Societies, vol. 4(1), pages 5-32, June.
    9. repec:spo:wpmain:info:hdl:2441/5vh7udhojr93npqcg7j64df9d4 is not listed on IDEAS
    10. Klaus M. Leisinger, 2008. "Zur Relevanz der Unternehmensethik in der Betriebswirtschaftlehre (oder: The Business of Business is still Business–But the Rules have Changed)," Schmalenbach Journal of Business Research, Springer, vol. 60(58), pages 26-49, January.
    11. Anton Korinek, 2017. "Currency wars or efficient spillovers?," BIS Working Papers 615, Bank for International Settlements.
    12. Åsbjørn Melkevik, 2016. "No progressive taxation without discrimination? On the generality of the law in the classical liberal tradition," Constitutional Political Economy, Springer, vol. 27(4), pages 418-434, December.
    13. Layman Daniel, 2012. "Locke on Basic Income," Basic Income Studies, De Gruyter, vol. 6(2), pages 1-12, January.
    14. Jose Luis Retolaza & Leire San-Jose, 2021. "Understanding Social Accounting Based on Evidence," SAGE Open, , vol. 11(2), pages 21582440211, April.
    15. Anton Korinek, 2016. "Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation," NBER Working Papers 23004, National Bureau of Economic Research, Inc.
    16. Chauffour, Jean-Pierre, 2011. "On the relevance of freedom and entitlement in development : new empirical evidence (1975-2007)," Policy Research Working Paper Series 5660, The World Bank.
    17. Salimata Traore, 2020. "Farmer organizations and maize productivity in rural Burkina Faso: The effects of the diversion strategy on cotton input loans," Review of Development Economics, Wiley Blackwell, vol. 24(3), pages 1150-1166, August.
    18. Mostafa E. Shahen & Shibly Shahrier & Koji Kotani, 2019. "Happiness, Generativity and Social Preferences in a Developing Country: A Possibility of Future Design," Sustainability, MDPI, vol. 11(19), pages 1-17, September.
    19. Peter Boettke, 2019. "Economic policy of a free society," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 107-117, June.
    20. repec:kap:iaecre:v:13:y:2007:i:4:p:461-474 is not listed on IDEAS
    21. Ph.D. Candidate Oana Popa, 2011. "Challenges Of The Corporate Social Responsibility," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(39), pages 173-180, May.
    22. Christof Miska & Mark E. Mendenhall, 2018. "Responsible Leadership: A Mapping of Extant Research and Future Directions," Journal of Business Ethics, Springer, vol. 148(1), pages 117-134, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:teinso:v:47:y:2016:i:c:p:16-24. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/technology-in-society .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.