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‘Market failure’ is a term widely used by politicians, journalists and university and A-level economics students and teachers. However…
‘Market failure’ is a term widely used by politicians, journalists and university and A-level economics students and teachers. However, those who use the term often lack any sense of proportion about the ability of government to correct market failures. This arises partly from the lack of general knowledge – and lack of coverage in economics syllabuses – of Public Choice economics.
Public Choice economics applies realistic insights about human behaviour to the process of government, and it is extremely helpful for all those who have an interest in – or work in – public policy to understand this discipline. If we assume that at least some of those involved in the political process – whether elected representatives, bureaucrats, regulators, public sector workers or electors – will act in their own self-interest rather than in the general public interest, it should give us much less confidence that government can ‘correct’ market failure.
This complex area of economics has been summarised in a very clear primer by Eamonn Butler. The author helps the reader to understand the limits of the government’s ability to correct market failure and also explains the implications of public choice economics for the design of systems of government – a topic that is highly relevant in contemporary political debate.
This text is an important contribution for all who seek to understand better the role that government should play in economic life.
If you have ever wondered why the roads are congested, the trains are full and the buses are no longer running, this book provides the answers. The UK has never had a proper transport policy and it desperately needs one to address the twin challengers of getting people around cheaply and safely, while safeguarding the environment.
This short book provides a brief introduction to the work of the late Elinor Ostrom, 2009 Nobel Laureate in economics…
Trade is no longer just the ships, planes and lorries that move the goods we buy around the world or the services we consume either physically or digitally. This book examines the US, Chinese and Russian approaches to `strategic trade’ and argues that Europe must adapt or lose out.
In an attempt to understand why we persistently fail to learn from catastrophic events, this book considers two questions. — Why don’t we learn? — What would it take to enable real systemic change? It concludes by offering an accessible model for systemic change as a framework to evoke reflection and enquiry.
The book explores how transformative adaptation might enable us to confront escalating climate chaos while not giving up hope.
This book describes the economic and political history of the past half a century, examining the challenges confronted by successive governments and their Chancellors, the policies employed for good or ill, and the desperate search for a panacea that could arrest the nation’s relative decline and return the country to its supposed former glories.
