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MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION

Yıl 2012, Cilt: 4 Sayı: 2, 287 - 295, 01.12.2012

Öz

Recent policy debates have focused on the boundary between markets and
government, as if one could partition them. The placement of this boundary has
been debated using the established theory of market failure and the developing
theory of government failure. But the questions raised by this approach are not
well-posed, and miss several important points. First, markets and governments
together can achieve and have achieved enormous success in the last two hundred
years in broadening geographical settings. Second, markets need government,
and government needs markets to enable societies to capture the gains of
cooperation and exchange. Third, we challenge the relevance of idealized
“competitive equilibrium” as the reference point against which real outcomes are
to be compared. As an alternative, we propose that the appropriate benchmark for
comparison is Pareto improvement through solving problems of collective action.
In that regard, both firms operating in markets and government agencies operating
in a statutory setting should be considered together as organizations. Viewed
from this perspective, both firms and government agencies have some shared
features and some sharply different features in their capacity for fostering
cooperation. In this paper we outline the advantages and risks of complex
organizations, and provide some general guidelines for public policymaking.

Kaynakça

  • Bator, Francis M. (1958), “The Anatomy of Market Failure,” Quarterly Journal of Economics, Vol. 70, No. 3, pp. 351-379.
  • Campbell, Ballard (2005) "Economic Causes of Progressivism," Journal of the Gilded Age and Progressive Era, Vol. 4, No. 1, pp 7–22.
  • Cooter, Robert D. and Neil Siegel (2010), “Collective Action Federalism: A General Theory of
  • Article I, Section 8,” Stanford Law Review, Vol 63, pp. 115-143
  • Downs, Anthony (1957), An Economic Theory of Democracy, New York: Harper
  • Financial Crisis Inquiry Commission (2011), The Financial Crisis Inquiry Report, New York: Public Affairs.
  • Kydland, Finn and Edward C. Prescott (1977), ”Rules Rather than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, Vol. 83, pp. 473-491.
  • Ledyard, John O. (2008), “Market Failure,” (in: Steven N. Durlauf and Lawrence E. Blume-Eds,
  • The New Palgrave Dictionary of Economics, Palgrave Macmillan. Meltzer, Allan H. (2003), A History of the Federal Reserve, Volume I: 1913-1951, Chicago:
  • University of Chicago Press. Niskanen, William (1971), Bureaucracy and Representative Government, Chicago: Aldine- Atherton
  • Ostrom, Elinor (1990), Governing the Commons: The Evolution of Institutions for Collective
  • Action, New York: Cambridge University Press. Pigou, Arthur C. (1920), The Economics of Welfare, London: MacMillan and Company.
  • Smith, Adam (1976 (1776)), An Inquiry into the Nature and Causes of the Wealth of Nations,
  • Chicago: University of Chicago Press.
Yıl 2012, Cilt: 4 Sayı: 2, 287 - 295, 01.12.2012

Öz

Kaynakça

  • Bator, Francis M. (1958), “The Anatomy of Market Failure,” Quarterly Journal of Economics, Vol. 70, No. 3, pp. 351-379.
  • Campbell, Ballard (2005) "Economic Causes of Progressivism," Journal of the Gilded Age and Progressive Era, Vol. 4, No. 1, pp 7–22.
  • Cooter, Robert D. and Neil Siegel (2010), “Collective Action Federalism: A General Theory of
  • Article I, Section 8,” Stanford Law Review, Vol 63, pp. 115-143
  • Downs, Anthony (1957), An Economic Theory of Democracy, New York: Harper
  • Financial Crisis Inquiry Commission (2011), The Financial Crisis Inquiry Report, New York: Public Affairs.
  • Kydland, Finn and Edward C. Prescott (1977), ”Rules Rather than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, Vol. 83, pp. 473-491.
  • Ledyard, John O. (2008), “Market Failure,” (in: Steven N. Durlauf and Lawrence E. Blume-Eds,
  • The New Palgrave Dictionary of Economics, Palgrave Macmillan. Meltzer, Allan H. (2003), A History of the Federal Reserve, Volume I: 1913-1951, Chicago:
  • University of Chicago Press. Niskanen, William (1971), Bureaucracy and Representative Government, Chicago: Aldine- Atherton
  • Ostrom, Elinor (1990), Governing the Commons: The Evolution of Institutions for Collective
  • Action, New York: Cambridge University Press. Pigou, Arthur C. (1920), The Economics of Welfare, London: MacMillan and Company.
  • Smith, Adam (1976 (1776)), An Inquiry into the Nature and Causes of the Wealth of Nations,
  • Chicago: University of Chicago Press.
Toplam 14 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA39PC63ZD
Bölüm Makaleler
Yazarlar

William R. Keech Bu kişi benim

Michael C. Munger Bu kişi benim

Carl P. Simon Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2012
Yayımlandığı Sayı Yıl 2012 Cilt: 4 Sayı: 2

Kaynak Göster

APA Keech, W. R., Munger, M. C., & Simon, C. P. (2012). MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION. International Journal of Economics and Finance Studies, 4(2), 287-295.
AMA Keech WR, Munger MC, Simon CP. MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION. IJEFS. Aralık 2012;4(2):287-295.
Chicago Keech, William R., Michael C. Munger, ve Carl P. Simon. “MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION”. International Journal of Economics and Finance Studies 4, sy. 2 (Aralık 2012): 287-95.
EndNote Keech WR, Munger MC, Simon CP (01 Aralık 2012) MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION. International Journal of Economics and Finance Studies 4 2 287–295.
IEEE W. R. Keech, M. C. Munger, ve C. P. Simon, “MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION”, IJEFS, c. 4, sy. 2, ss. 287–295, 2012.
ISNAD Keech, William R. vd. “MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION”. International Journal of Economics and Finance Studies 4/2 (Aralık 2012), 287-295.
JAMA Keech WR, Munger MC, Simon CP. MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION. IJEFS. 2012;4:287–295.
MLA Keech, William R. vd. “MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION”. International Journal of Economics and Finance Studies, c. 4, sy. 2, 2012, ss. 287-95.
Vancouver Keech WR, Munger MC, Simon CP. MARKETS AND GOVERNMENT: REALIZING THE PROMISE OF GAINS FROM EXCHANGE AND COOPERATION. IJEFS. 2012;4(2):287-95.