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Market Failure and Government Intervention

In: Market Failure, Government Failure, Leadership and Public Policy

Author

Listed:
  • Joe Wallis

    (Otago University)

  • Brian Dollery

    (University of New England)

Abstract

The appropriate role of government in contemporary advanced industrial democracies is a complex and controversial question which remains unsettled. A vast research effort has been devoted to resolving this question. Social scientists, including anthropologists, economists, policy analysts, political scientists, public administration specialists, and sociologists, have devised numerous approaches to the study of the nature and role of government, with varying degrees of success. One of the more successful approaches to the analysis of the state has been developed by welfare economists in the form of the theory of market failure. In essence, the market failure paradigm examines the operation of the economy and prescribes government intervention when markets ‘fail’ on the grounds of either economic efficiency or equity.

Suggested Citation

  • Joe Wallis & Brian Dollery, 1999. "Market Failure and Government Intervention," Palgrave Macmillan Books, in: Market Failure, Government Failure, Leadership and Public Policy, chapter 2, pages 9-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37296-2_2
    DOI: 10.1057/9780230372962_2
    as

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    Cited by:

    1. Jason Hackworth, 2003. "Public Housing and the Rescaling of Regulation in the USA," Environment and Planning A, , vol. 35(3), pages 531-549, March.
    2. Maxime Delabarre, 2021. "Corruption and Development," SciencePo Working papers Main hal-03114382, HAL.
    3. Maxime Delabarre, 2021. "Corruption and Development," Working Papers hal-03114382, HAL.

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