Download e-book for kindle: Market or Government Failures?: An Asian Perspective by A. Bhalla

By A. Bhalla

ISBN-10: 0333662407

ISBN-13: 9780333662403

This e-book reviews the eye in general put on executive mess ups in monetary crises. Bhalla tunrs to the marketplace, exploring company mess ups which happen in either private and non-private spheres. those can be as a result of lapses in implementation of rules and courses. loss of enforcement in constructing nations happens both simply because principles and norms don't exist or simply because they're poorly enforced.

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Additional resources for Market or Government Failures?: An Asian Perspective

Sample text

As Stiglitz (1994b) notes there is no such thing as `a complete set of markets'. The imperfections in competition may arise from information costs including fixed costs of obtaining information about how to produce a particular good. Furthermore, `there are costs associated with establishing a market' (Stiglitz, 1994b, p. 33). Asymmetric information (that is, buyers and sellers have different amounts and types of information) may explain many market imperfections be it in the insurance, equity or labour market.

The third interpretation of markets is by non-economists or political scientists who see them as `culturally and politically specific' institutions representing interests of particular social groups. White (1993a, p. 1) notes that the neoclassical economic view of markets deals with an `ideal' type which ignores `the social, cultural, political and institutional dimensions of real markets'. Thus, markets represent power relations in the same way as do other pressure groups and governments. Dimensions of market power include the state, association, economic assets and sociocultural status.

Politicians would tend to maximize the chances of their reelection and bureaucrats would seek rents and maximize budgets to wield power and capture public funds to private advantage (Niskanen, 1971). Corresponding to profit maximization by producers and utility maximization by consumers under the market failure case, under the government failure case, the goal adopted by bureaucrats would be security (of income and employment) maximization and by politicians, vote maximization. Wolf (1979a, 1979b, 1987, 1988) was one of the earliest writers to attempt to develop a theory of non-market (or government) failures.

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Market or Government Failures?: An Asian Perspective by A. Bhalla


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