Markets or Governments: Choosing between Imperfect Alternatives

Markets or Governments: Choosing between Imperfect Alternatives

by Charles Wolf, Jr. Jr.
     
 
A theory of market failures is well established in economics, but the same has not been true for the study of nonmarket failures. Markets or Governments remedies this situation by providing a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket

Overview

A theory of market failures is well established in economics, but the same has not been true for the study of nonmarket failures. Markets or Governments remedies this situation by providing a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. This new edition updates the data and results contained in the first edition and includes references and applications of the theory to the ongoing process of system transformation in Russia, Ukraine, and Eastern Europe. The discussion of earlier literature that is relevant to the theory of nonmarket failure has been expanded.

Charles Wolf, Jr., is Dean of the RAND Graduate School of Policy Studies and Director of RAND's research program in International Economic Policy.

Product Details

ISBN-13:
9780262231725
Publisher:
MIT Press
Publication date:
09/02/1993
Series:
Rand Research Study Series
Edition description:
Second Edition
Pages:
256
Product dimensions:
21.00(w) x 14.00(h) x 1.00(d)

Meet the Author

Charles Wolf, Jr., is Dean of the RAND Graduate School of Policy Studies and Director of RAND's research program in International Economic Policy.

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