Public Goods and Market Failures: A Critical Examination

by Tyler Cowen

Overview

Assertions of market failure are usually based on Paul Samuelson's theory of public goods and externalities. This book both develops that theory and challenges the conclusion of many economists and policy-makers that market failures cannot be corrected by market forces. The volume includes major case studies of private provision of public goods. Among the goods considered are lighthouse services, education, municipal services, and environmental conservation.

Product Details

ISBN-13:	9781138531192
Publisher:	Taylor & Francis
Publication date:	12/18/2020
Pages:	384
Product dimensions:	6.00(w) x 9.00(h) x (d)

About the Author

Tyler Cowen

Table of Contents

Introduction — 1. Public Goods and Externalities: Old and New Perspectives Tyler Cowen — Section I The Theory of Market Failure — 2. The Pure Theory of Public Expenditure Paul A. Samuelson — 3. The Anatomy of Market Failure Francis M. Bator — Section II Developments in the Theory of Markets — 4. Equal Access vs. Selective Access: A Critique of Public Goods Theory Kenneth D. Goldin — 5. Free Ride, Free Revelation, or Golden Rule? Earl R. Brubaker — 6. The Private Production of Public Goods Harold Demsetz — 7. The Exchange and Enforcement of Property Rights Harold Demsetz — 8. State-of-Nature Theory and the Rise of Social Institutions Andrew Schotter — 9. A Pure Theory of Local Expenditures Charles M. Tiebout — 10. An Economic Theory of Clubs James M. Buchanan — 11. The Problem of Externality Carl J. Dahlman — Section III Case Studies — 12. The Problem of Cooperation Robert Axelrod — 13. The Lighthouse in Economics Ronald H. Coase — 14. The Fable of the Bees: An Economic Investigation Steven N. S. Cheung — 15. Fire Protection Robert W. Poole, Jr. — 16. Leisure and Recreational Services Robert W. Poole, Jr. — 17. Private Solutions to Conservation Problems Robert J. Smith — 18. The Private Supply of Education: Some Historical Evidence Jack High and Jerome Ellig — Contributors.