Błędy rynku a błędy państwa – regulacja rynkowa versus regulacja publiczna
Market Failures and State Failures: Market Regulation vs. Public Regulation

Summary/Abstract: The paper begins with the formulation of institutional dichotomy: imperfect market versus imperfect state and, subsequently, with the assumption of the common interdependence between market failures and state failures, as well as the related correlation between market and public regulation. In accordance with the fundamental neoclassical premise, the aim of the latter is not to replace the market mechanism but to improve it within its coordinating and optimizing functions. Market failures and state failures, as well as their interdependence, are analyzed in the context of ‘market paradigm’ and public regulation whose specific definitions have been proposed by the author in part 2 of the paper. With these definitions, public regulation becomes ipso facto an immanent component of the neo-classically understood market paradigm. The author recognizes general and specific market and state failures and briefly discusses them. The failures concerned are also analyzed in the light of the economic theory of public regulation (part 3).

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