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Public Choice, Market Failure, and Government Failure in Principles Textbooks

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  • Rosemarie Fike
  • James Gwartney

Abstract

Public choice uses the tools of economics to analyze how the political process allocates resources and impacts economic activity. In this study, the authors examine twenty-three principles texts regarding coverage of public choice, market failure, and government failure. Approximately half the texts provide coverage of public choice and recognize the presence of both government and market failure. The coverage of market failure is nearly six times that of government failure. Given the size and scope of government, analysis of the strengths and weaknesses of both market and political allocation is important to student understanding of modern economies.

Suggested Citation

  • Rosemarie Fike & James Gwartney, 2015. "Public Choice, Market Failure, and Government Failure in Principles Textbooks," The Journal of Economic Education, Taylor & Francis Journals, vol. 46(2), pages 207-218, April.
    • Handle: RePEc:taf:jeduce:v:46:y:2015:i:2:p:207-218
    DOI: 10.1080/00220485.2014.1002962
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    References listed on IDEAS

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    1. Bryan Caplan, 2007. "Introduction to The Myth of the Rational Voter: Why Democracies Choose Bad Policies," Introductory Chapters, in: The Myth of the Rational Voter: Why Democracies Choose Bad Policies, Princeton University Press.
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    Cited by:

    1. Wensheng Xiao & Yu Tang & Bright Obuobi & Shaojian Qu & Minglan Yuan & Decai Tang, 2023. "The Influence of Rule of Law on Government’s Sustainable Economic Management: Evidence from China," Sustainability, MDPI, vol. 15(15), pages 1-23, July.
    2. Jane E. Ihrig & Scott A. Wolla, 2020. "Let's Close the Gap: Revising Teaching Materials to Reflect How the Federal Reserve Implements Monetary Policy," Finance and Economics Discussion Series 2020-092, Board of Governors of the Federal Reserve System (U.S.).
    3. Sahil Chopra, 2022. "Are Public Sector Banks in India a Government Failure? -A Comparative Empirical Analysis of Public Sector and Private Sector Banks in India," Working Papers REM 2022/0240, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Dwight R. Lee & J. R. Clark, 2018. "Can behavioral economists improve economic rationality?," Public Choice, Springer, vol. 174(1), pages 23-40, January.
    5. Joshua Hall & Josh Matti & Amir B. Ferreira Neto, 2019. "Rent-seeking in the classroom and textbooks: Where are we after 50 years?," Public Choice, Springer, vol. 181(1), pages 71-82, October.
    6. Glenn Furton & Adam Martin, 2019. "Beyond market failure and government failure," Public Choice, Springer, vol. 178(1), pages 197-216, January.
    7. Sahil Chopra, 2022. "Are Public Sector Banks in India a Government Failure? A Comparative Empirical Analysis of Public Sector and Private Sector Banks [Les banques du secteur public en Inde sont-elles un échec pour le ," Post-Print hal-04006720, HAL.
    8. Jun Wen & Lingxiao Li & Xinxin Zhao & Chenyang Jiao & Wenjie Li, 2022. "How Government Size Expansion Can Affect Green Innovation—An Empirical Analysis of Data on Cross-Country Green Patent Filings," IJERPH, MDPI, vol. 19(12), pages 1-22, June.
    9. Pim Derwort & Nicolas Jager & Jens Newig, 2019. "Towards productive functions? A systematic review of institutional failure, its causes and consequences," Policy Sciences, Springer;Society of Policy Sciences, vol. 52(2), pages 281-298, June.
    10. Michael Makovi, 2015. "George Orwell as a Public Choice Economist," The American Economist, Sage Publications, vol. 60(2), pages 183-208, September.
    11. Hongfeng Zhang & Chengyun Sun & Lu Huang & Hongyun Si, 2021. "Does Government Intervention Ensure Food Safety? Evidence from China," IJERPH, MDPI, vol. 18(7), pages 1-22, March.
    12. Polcyn, Jan, 2017. "Edukacja jako dobro publiczne - próba kwantyfikacji [Education as a public good – an attempt at quantification]," MPRA Paper 76606, University Library of Munich, Germany, revised 2017.
    13. Vujica Lazovic & Biljana Rondovic & Danijela Lazovic & Tamara Djurickovic, 2021. "Is Economic Theory, Presented in Basic Academic Textbooks, Applicable to the Digital Economy?," Sustainability, MDPI, vol. 13(22), pages 1-23, November.
    14. repec:jpe:journl:1761 is not listed on IDEAS

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