Markets or Governments - 2nd Edition: Choosing between Imperfect Alternatives by Charles Wolf Jr.

Markets or Governments - 2nd Edition: Choosing between Imperfect Alternatives

Book Title: Markets or Governments - 2nd Edition: Choosing between Imperfect Alternatives

Publisher: The MIT Press

ISBN: 0262731045

Author: Charles Wolf Jr.


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Charles Wolf Jr. with Markets or Governments - 2nd Edition: Choosing between Imperfect Alternatives

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Provides 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.

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.