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Knowledge and Incentives in Policy: Using Public Choice and Market Process Theory to Analyze Public Policy Issues
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The relative effectiveness of various institutions, such as the market or government, is based on the ability for individuals to access and use dispersed knowledge in society and the incentives that steer their actions. Market process theory emphasizes the effectiveness of the price system to consolidate and transmit knowledge in the marketplace.
Together this framework provides new insights on the capability of individuals to cooperate and improve society, and the limits to government inter...
Together this framework provides new insights on the capability of individuals to cooperate and improve society, and the limits to government inter...