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Policy Sciences

, Volume 47, Issue 3, pp 305–320 | Cite as

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

  • Xun Wu
  • M. Ramesh
Article

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.

Keywords

Policy mix Market imperfections Government imperfections 

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Copyright information

© Springer Science+Business Media New York 2013

Authors and Affiliations

  1. 1.Lee Kuan Yew School of Public PolicyNational University of SingaporeSingaporeSingapore

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