A Theory of Nonmarket Failure: Framework for Implementation Analysis¶
Wolf. (1979). A Theory of Nonmarket Failure: Framework for Implementation Analysis: Framework for Implementation Analysis. The Journal of Law and Economics.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Government Failure
- Government failure is the public-choice and public-economics term for the patterned ways in which government intervention in markets produces outcomes that are inefficient, perverse, or worse than the market failure the intervention was designed to correct — introduced as the symmetric counterpart to market failure to force comparative institutional analysis rather than uncritical prescriptive intervention
This sourceDevelops a theory of nonmarket (government) failure as the counterpart of market failure, requiring market shortcomings to be weighed against the likely failures of nonmarket remedies.
Supported in partVerified against the source
- Government failure is the public-choice and public-economics term for the patterned ways in which government intervention in markets produces outcomes that are inefficient, perverse, or worse than the market failure the intervention was designed to correct — introduced as the symmetric counterpart to market failure to force comparative institutional analysis rather than uncritical prescriptive intervention
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