The Evaluation of Public Policy: Normative Economic Theories of Government Failure
(1996) The Evaluation of Public Policy: Normative Economic Theories of Government Failure. Journal of Interdisciplinary Economics 7(1):pp. 27-39.
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Abstract
Conventional economic analysis of public policy has been traditionally conducted in the conceptual context of the theory of market failure. Either a paretian or pigouvian analytical framework enabled analysts to assess the economic efficiency of market outcomes, and prescribe appropriate government intervention where necessary. No corresponding theoretical structure existed to facilitate an equivalent investigation into the economic efficiency of nonmarket outcomes. However, quite distinct from public choice theory, a normative theory of government failure has emerged to form a conceptual analogue to the market failure paradigm. At present this embryonic theory of government failure has three strands: Wolf's theory of nonmarket failure, Le Grand's theory of government failure, and Vining and Weimer's theory of government production failure. The present paper evaluates the extent to which this seminal literature can assist in the design of rational public policy processes.
| Item Type: | Journal Article |
|---|---|
| Status: | Published |
| Keywords: | Market failure; non-market failure; public policy |
| Subjects: | 340000 Economics > 340200 Applied Economics > 340209 Public Sector Economics 360000 Policy and Political Science > 360200 Policy and Administration > 360201 Public Policy 360000 Policy and Political Science > 360100 Political Science > 360102 Comparative Government and Politics |
| ID Code: | 2791 |
| Deposited By: | Worthington, Andrew |
| Deposited On: | 05 December 2005 |
| Copyright Owner: | Copyright 1996 (please consult author) |
| Additional Information: |