Between Scylla and Charybdis: „market failure” vs. „government failure” Cover Image

Între Scila și Caribda: „eșecul pieţei” vs. „eșecul guvernului”
Between Scylla and Charybdis: „market failure” vs. „government failure”

Author(s): Cristian-Ion POPA
Subject(s): Politics / Political Sciences
Published by: Fundaţia »Societatea Civilă« (FSC)
Keywords: market failure; government failure; externalities

Summary/Abstract: This article summarizes a current academic debate: the problem of legitimacy of state intervention in economic and social fields. In their attempt to provide a general normative response to this problem, some Western scholars call the economic theory of "market failure"; others, however, counters with the theory of "government failure", arguing that the theory of market failure seems to commit the "Nirvana fallacy”, because contrasts the imperfect realities of free markets with a idealized corrective interventions of governments.

  • Issue Year: 2011
  • Issue No: 156
  • Page Range: 3-13
  • Page Count: 11
  • Language: Romanian