Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Government Failure

Living reference work entry

Latest version View entry history

DOI: https://doi.org/10.1007/978-1-4614-7883-6_215-2

Abstract

The analysis begins from the origin of the concept of market failure and continues with an explanation of the reasons why a measure of political economy could worsen market allocation and the level of social welfare. Mention is made of the differences between Europe and the United States regarding the weight of the State in the economy and of the efforts made by research to give a quantitative measure to government failure.

Keywords

Depression Europe Income Expense Milton 
This is a preview of subscription content, log in to check access

References

  1. Bator FM (1958) The anatomy of market failure. Q J Econ 72(3):351–379CrossRefGoogle Scholar
  2. Chandler A (1977) The visible hand. Belknap, Cambridge, MAGoogle Scholar
  3. Coase R (1964) The regulated industries: discussion. Am Econ Rev 54(2):194–197Google Scholar
  4. Cramton RC (1964) The effectiveness of economic regulation: a legal view. Am Econ Rev 54(3):l82–l191Google Scholar
  5. Datta-Chaudhuri M (1990) Market failure and government failure. J Econ Perspect 4(3):25–39CrossRefGoogle Scholar
  6. Dolfsma W (2011) Government failure -four types. J Econ Issues XLV(3):593–604CrossRefGoogle Scholar
  7. Dollery B, Worthington A (1996) The evaluation of public policy: normative economic theories of government failure. J Interdiscip Econ 7(1):27–39Google Scholar
  8. Friedman M (1975) An economist’s protest, 2nd edn. Thomas Horton & Daughters, Sun LakesGoogle Scholar
  9. Keynes JM (1936) The general theory of employment, interest and money. Macmillan, LondonGoogle Scholar
  10. Krueger AO (1990) Government failure in development. J Econ Perspect 4(3):9–23CrossRefGoogle Scholar
  11. Mitchell WC, Simmons RT (1994) Beyond politics: markets, welfare, and the failure of bureaucracy. Westview Press, BoulderGoogle Scholar
  12. Orbach B (2013) What is government failure? Yale J Regul 30:44–56Google Scholar
  13. Posner RA (1969) Natural monopoly and its regulation. Stanf Law Rev 21:548–643CrossRefGoogle Scholar
  14. Posner RA (1974) Theories of economic regulation. Bell J Econ 5(2):335–358CrossRefGoogle Scholar
  15. Rajan R (2009) The credit crisis and cycle-proof regulation. Fed Res Bank St Louis Rev 91(5):397–402Google Scholar
  16. Romer CD, Romer DH (2010) The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks. Am Econ Rev 100:763–801CrossRefGoogle Scholar
  17. Salop SC, Scheffman DT (1983) Raising rivals’ costs. Am Econ Rev 73(2):267–271Google Scholar
  18. Smith A (1776) An inquiry into the nature and causes of the wealth of nations. W. Strahan and T Cadell, LondonCrossRefGoogle Scholar
  19. Stiglitz JE (1998) Distinguished lecture on economics in government: the private uses of public interests: incentives and institutions. J Econ Perspect 12:3–22CrossRefGoogle Scholar
  20. Vickers J, Yarrow G (1991) Economic perspectives on privatization. J Econ Perspect 5(2):111–132CrossRefGoogle Scholar
  21. Wallis J, Dollery B (1999) Market failure, government failure, leadership and public policy. St. Martin’s Press, New YorkGoogle Scholar
  22. Wallis J, Dollery B (2001) Government failure, social capital and the appropriateness of the New Zealand model for public sector reform in developing countries. World Dev 29(2):245–263CrossRefGoogle Scholar
  23. Wiesner E (1998) Transaction cost economics and public sector rent-seeking in developing countries: toward a theory of government failure. In: Picciotto R, Durán EW (eds) Evaluation and development: the institutional dimension, World Bank Editions. Transaction Publishers, Washington, DCGoogle Scholar
  24. Winston C (2006) Government failure versus market failure. Microeconomics policy research and government performance. R. R Donnelley , HarrisonburgGoogle Scholar
  25. Winston C (2012) Government policy for a partially deregulated industry: deregulate it fully. Am Econ Rev 102(3):391–395CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media New York 2015

Authors and Affiliations

  1. 1.Department of Economics and BusinessUniversity of CataniaCataniaItaly