Provides a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy i
Economic studies historically have either extolled the virtues of perfect markets or decried the market's shortcomings, proposing that governments correct marke
Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketc
Government and Markets is the first book to tackle systematically and in a multidisciplinary fashion the role of democratic governments during and after the tra
The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should
