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- W2351255500 abstract "The concept of market failure and its theory has long since become the important theoretical basis of public finance as well as the basis of practice for governmental intervention to rationalize markets and public finance in China.Ever since this theory came into being within the framework of mainstream economics,it has been exposed to constant skepticism and extensive controversies,which in fact provided multi-dimensional perspectives for us to understand market operations,compare market mechanisms and the advantages and disadvantages of governmental intervention.It is argued that a transformation from theoretical concept to philosophical concept,and from non-institutional analysis to institutional analysis is needed for the study of the concept of market failure and its theory.Even from the perspective of resource allocation,market failure cannot constitute the logical point of departure for the theory of governmental intervention and public finance.It is argued that the basis of practice for public finance in China should be established in the perspective of institutional construction rather than resource allocation." @default.
- W2351255500 created "2016-06-24" @default.
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- W2351255500 date "2008-01-01" @default.
- W2351255500 modified "2023-09-23" @default.
- W2351255500 title "Rethinking the Logical Point of Departure for Public Finance: Theoretical Disputes over the Concept of Market Failure and Their Implications" @default.
- W2351255500 hasPublicationYear "2008" @default.
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