Economics, Econometrics and Finance
5 years ago

Government intervention crucial to fix market failures and improve societal outcomes.

Foundations of government and public administration
Markets, Market Failure and the Role of Government
Keith Dowding, Brad R. Taylor

Paper Summary

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The article discusses how markets can sometimes fail to work efficiently due to external factors, leading to potential government intervention. It explains that when markets fail, the government can step in to improve outcomes, but this intervention may not always be successful. The researchers emphasize the importance of comparing different institutional options when considering solutions to market imperfections.