Article

Market and Non‐Market Failures

Mark A. R. Kleiman and Steven M. Teles

in The Oxford Handbook of Public Policy

Published in print June 2008 | ISBN: 9780199548453
Published online September 2009 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199548453.003.0031

Series: Oxford Handbooks of Political Science

 Market and Non‐Market Failures

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This article discusses market and non-market failures. The first section explores the various implications of three ideas: recognition of the scope of departures from the optimal in private choice, deference to voluntary action as a ‘default option’, and acknowledgement of the pervasiveness of government failure. When these three ideas are combined, they provide a template for responsible policy analysis.

Keywords: market failures; non-market failures; scope of departures; private choice; voluntary action; pervasiveness; responsible policy analysis

Article.  12834 words. 

Subjects: Politics ; Public Policy ; Comparative Politics

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