Matches in SemOpenAlex for { <https://semopenalex.org/work/W2259686293> ?p ?o ?g. }
Showing items 1 to 98 of
98
with 100 items per page.
- W2259686293 endingPage "46" @default.
- W2259686293 startingPage "28" @default.
- W2259686293 abstract "We propose a formal re-definition of the concept of market failure based on the idea of the imperfect state. In the neoclassical taxonomy, a decentralized regime of exchange is a market failure if its laissez-faire equilibrium solution is welfare-dominated by a technically feasible alternative. If the state is perfect (that is, it is benevolent) and competent (that is, its transactions cost of intervention is zero), then every market failure can be remedied with a welfare gain. On the other hand, if the state is imperfect (that is, either non-benevolent or with non-zero transactions cost of intervention), the state intervention to correct the market failure can be welfare-reducing. Extending the logic behind Williamson’s remediableness criterion and Stiglitz’ constrained Paretoness, we introduce a new taxonomy of failures: the concept “proto-failure” now denotes any failure which laissez-faire interaction cannot remedy with a welfare gain. The label “market failure” now denotes a proto-failure which the relevant state can correct with a welfare gain. A proto-failure that the relevant state cannot correct with a welfare gain we call “Remediableness Condition efficient”. We use the net welfare metric which explicitly accounts for transactions cost of intervention as efficiency criterion. The new taxonomy is equivalent to the old if the state is perfect, that is, all proto-failures are market failures. When the state is imperfect, the set of market failures is smaller than the set of proto-failures. A proto-failure is a necessary—but not a sufficient— condition for a welfare-improving government intervention. This paper follows the Williamson counsel to “push the logic of positive transactions cost to completion”. JEL Classification : D60, D61, D63, D23, D04, H21" @default.
- W2259686293 created "2016-06-24" @default.
- W2259686293 creator A5028562070 @default.
- W2259686293 creator A5080075583 @default.
- W2259686293 date "2017-04-17" @default.
- W2259686293 modified "2023-09-26" @default.
- W2259686293 title "Re-Thinking Market Failure in the Light of the Imperfect State" @default.
- W2259686293 cites W1481826653 @default.
- W2259686293 cites W1562821284 @default.
- W2259686293 cites W1954377455 @default.
- W2259686293 cites W1998819003 @default.
- W2259686293 cites W2010546391 @default.
- W2259686293 cites W2019167256 @default.
- W2259686293 cites W2028110729 @default.
- W2259686293 cites W2037658587 @default.
- W2259686293 cites W2061750998 @default.
- W2259686293 cites W2065553008 @default.
- W2259686293 cites W2068662554 @default.
- W2259686293 cites W2080184288 @default.
- W2259686293 cites W2094004252 @default.
- W2259686293 cites W2125559119 @default.
- W2259686293 cites W2131740028 @default.
- W2259686293 cites W2143163141 @default.
- W2259686293 cites W2143376017 @default.
- W2259686293 cites W2321396344 @default.
- W2259686293 cites W2328418989 @default.
- W2259686293 cites W2334309275 @default.
- W2259686293 cites W3129007862 @default.
- W2259686293 hasPublicationYear "2017" @default.
- W2259686293 type Work @default.
- W2259686293 sameAs 2259686293 @default.
- W2259686293 citedByCount "0" @default.
- W2259686293 crossrefType "journal-article" @default.
- W2259686293 hasAuthorship W2259686293A5028562070 @default.
- W2259686293 hasAuthorship W2259686293A5080075583 @default.
- W2259686293 hasConcept C100243477 @default.
- W2259686293 hasConcept C11413529 @default.
- W2259686293 hasConcept C118552586 @default.
- W2259686293 hasConcept C123676819 @default.
- W2259686293 hasConcept C138885662 @default.
- W2259686293 hasConcept C144237770 @default.
- W2259686293 hasConcept C15744967 @default.
- W2259686293 hasConcept C162324750 @default.
- W2259686293 hasConcept C175444787 @default.
- W2259686293 hasConcept C178411942 @default.
- W2259686293 hasConcept C2780310539 @default.
- W2259686293 hasConcept C2780665704 @default.
- W2259686293 hasConcept C34447519 @default.
- W2259686293 hasConcept C41008148 @default.
- W2259686293 hasConcept C41895202 @default.
- W2259686293 hasConcept C48103436 @default.
- W2259686293 hasConceptScore W2259686293C100243477 @default.
- W2259686293 hasConceptScore W2259686293C11413529 @default.
- W2259686293 hasConceptScore W2259686293C118552586 @default.
- W2259686293 hasConceptScore W2259686293C123676819 @default.
- W2259686293 hasConceptScore W2259686293C138885662 @default.
- W2259686293 hasConceptScore W2259686293C144237770 @default.
- W2259686293 hasConceptScore W2259686293C15744967 @default.
- W2259686293 hasConceptScore W2259686293C162324750 @default.
- W2259686293 hasConceptScore W2259686293C175444787 @default.
- W2259686293 hasConceptScore W2259686293C178411942 @default.
- W2259686293 hasConceptScore W2259686293C2780310539 @default.
- W2259686293 hasConceptScore W2259686293C2780665704 @default.
- W2259686293 hasConceptScore W2259686293C34447519 @default.
- W2259686293 hasConceptScore W2259686293C41008148 @default.
- W2259686293 hasConceptScore W2259686293C41895202 @default.
- W2259686293 hasConceptScore W2259686293C48103436 @default.
- W2259686293 hasIssue "2" @default.
- W2259686293 hasLocation W22596862931 @default.
- W2259686293 hasOpenAccess W2259686293 @default.
- W2259686293 hasPrimaryLocation W22596862931 @default.
- W2259686293 hasRelatedWork W113220610 @default.
- W2259686293 hasRelatedWork W151804277 @default.
- W2259686293 hasRelatedWork W1569782128 @default.
- W2259686293 hasRelatedWork W1833288956 @default.
- W2259686293 hasRelatedWork W185747786 @default.
- W2259686293 hasRelatedWork W198067943 @default.
- W2259686293 hasRelatedWork W1983527125 @default.
- W2259686293 hasRelatedWork W2023761706 @default.
- W2259686293 hasRelatedWork W2161855666 @default.
- W2259686293 hasRelatedWork W2368540879 @default.
- W2259686293 hasRelatedWork W2377217694 @default.
- W2259686293 hasRelatedWork W2465219029 @default.
- W2259686293 hasRelatedWork W2491400124 @default.
- W2259686293 hasRelatedWork W2492985340 @default.
- W2259686293 hasRelatedWork W2793106206 @default.
- W2259686293 hasRelatedWork W3124968025 @default.
- W2259686293 hasRelatedWork W3125074495 @default.
- W2259686293 hasRelatedWork W3150321435 @default.
- W2259686293 hasRelatedWork W3192456376 @default.
- W2259686293 hasRelatedWork W3081920554 @default.
- W2259686293 hasVolume "53" @default.
- W2259686293 isParatext "false" @default.
- W2259686293 isRetracted "false" @default.
- W2259686293 magId "2259686293" @default.
- W2259686293 workType "article" @default.