Markets or Governments, Second Edition: Choosing Between Imperfect Alternatives

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.

Author: Charles Wolf
Publisher: MIT Press
Published: 09/02/1993
Pages: 258
Binding Type: Paperback
Weight: 0.72lbs
Size: 7.98h x 5.41w x 0.64d
ISBN: 9780262731041

About 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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