Araştırma Makalesi

THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH

Cilt: 20 Sayı: 2 30 Haziran 2022
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THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH

Öz

The political market is a mechanism as like the traditional economic market in which the players act within the framework of the utility function, the exchange process and formed market strategies. Although the economic necessity of political markets is obvious, it should be called an economic market in terms of the effect it has on social welfare. The effectiveness of the political market depends on whether it has the characteristics of a perfectly competitive market. A perfectly competitive market refers to a market of goods and services with the lowest possible price and the lowest cost, from which the players in the market benefit from. However, when the market mechanism has difficulties in providing an optimal level of resource allocation in the current system, it begins to lose its perfectly competitive market feature and loses its effectiveness in economic terms. Since the market mechanism cannot balanced naturally itself, it needs legal regulations that called as non-market intervention and that have economic consequences, in order to regulate the market functions. The main purpose of this study is to reveal the economic market nature of the concept of political market. The political market is explained theoretically through the theory of market failures and the political market mechanism revealed based upon the conventional market logic.

Anahtar Kelimeler

Kaynakça

  1. 1. Akerlof, G.A. (1970). The Market for "Lemons": Quality Uncertainty and the Market Mechanism.The Quarterly Journal of Economics, 84 (3), 488-500.
  2. 2. Aktan, C.C. (2007). Modern Politik İktisat: Kamu Tercihi, Seçkin Yayınevi.
  3. 3. Alesina, A. (1987); Macroeconomic Policy in a Two-Party System as a Repeated Game, Quarterly Journal of Economics, 102, 651-678.
  4. 4. Alesina, A., Roubini, N., Cohen, G.D. (1997). Political Cycles and the Macroeconomy. Cambridge, MA&London: MIT Press.
  5. 5. Alesina, A., Tabellini, G. (1987). Rules and Discretion with Noncoordinated Monetary and Fiscal Policies, Economic Inquiry, 619-30.
  6. 6. Ardıyok, Ş. (2008). Regülasyon İktisadı ve Hukuk Notları, Bilkent Üniversitesi Ekonomi Hukuku Yüksek Lisans Programı, 13. Hafta (Uygulamada Regülasyon: Tüketiciye Yönelik Çeşitli Kurallar).
  7. 7. Ardıyok, Ş. (2007). Enerji Hukuku: Elektrik Piyasasında Rekabet ve Regülasyon, Ekin Yayınevi, cilt 1.
  8. 8. Bator, F.M. (1958). The Anatomy of Market Failure, The Quarterly Journal of Economics, 72 (3).

Ayrıntılar

Birincil Dil

İngilizce

Konular

Ekonomi

Bölüm

Araştırma Makalesi

Yayımlanma Tarihi

30 Haziran 2022

Gönderilme Tarihi

28 Nisan 2022

Kabul Tarihi

25 Mayıs 2022

Yayımlandığı Sayı

Yıl 2022 Cilt: 20 Sayı: 2

Kaynak Göster

APA
Emin Benli, H. (2022). THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH. Journal of Management and Economics Research, 20(2), 318-338. https://doi.org/10.11611/yead.1110295
AMA
1.Emin Benli H. THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH. Journal of Management and Economics Research. 2022;20(2):318-338. doi:10.11611/yead.1110295
Chicago
Emin Benli, Hande. 2022. “THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH”. Journal of Management and Economics Research 20 (2): 318-38. https://doi.org/10.11611/yead.1110295.
EndNote
Emin Benli H (01 Haziran 2022) THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH. Journal of Management and Economics Research 20 2 318–338.
IEEE
[1]H. Emin Benli, “THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH”, Journal of Management and Economics Research, c. 20, sy 2, ss. 318–338, Haz. 2022, doi: 10.11611/yead.1110295.
ISNAD
Emin Benli, Hande. “THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH”. Journal of Management and Economics Research 20/2 (01 Haziran 2022): 318-338. https://doi.org/10.11611/yead.1110295.
JAMA
1.Emin Benli H. THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH. Journal of Management and Economics Research. 2022;20:318–338.
MLA
Emin Benli, Hande. “THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH”. Journal of Management and Economics Research, c. 20, sy 2, Haziran 2022, ss. 318-3, doi:10.11611/yead.1110295.
Vancouver
1.Hande Emin Benli. THE POLITICAL MARKET IN THE FRAMEWORK OF MARKET FAILURE THEORY: AN ANALYTICAL APPROACH. Journal of Management and Economics Research. 01 Haziran 2022;20(2):318-3. doi:10.11611/yead.1110295