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SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE

Year 2015, Volume: 7 Issue: 2, 42 - 55, 01.12.2015

Coşkun Can Aktan

Abstract

Besides market failure, there is such a thing as governmental failure. Government enacted policies may produce inefficient and/or inequitable consequences. Public choice economists argue that the fact that the market is inefficient does not imply that government will do any better. There are several sources of governmental failure, which has been investigated in the literature. Rational voter ignorance, rational voter irrelevance, shortsightedness effect, rent seeking are some of the examples for governmental failure. This paper aims to summarize the sources of governmental failure in general and then focus on imperfect information specifically.

Keywords

public choice governmental failure

References

  • BROWNING, Edgar K. and J.M. Browning., Public Finance and the Price System, 2nd ed. New York: McMillan Publ. 1983. BUCHANAN, James M.; "The Achievement and the Limits of Public Choice in Diagnosing Government Failure and in Offering Bases for Constructive Reform", Horst Hanusch (Ed.), Anatomy of Government Deficiencies, Berlin: Springer-Verlag, 1983, pp.15-25. CONGLETON, Roger D. “Informational Limits to Democratic Public Policy”, wwwsoc.nii.ac.jp/jepa/2003/40t2.pdf. DOWNS, Anthony. An Economic Theory of Democracy. New York: Harper, 1957. DOWNS, Anthony.; “An Economic Theory of Political Action in a Democracy”, Journal of Political Economy, April 1957. DOWNS, Anthony.; "Why The Government Budget is Too Small in a Democracy", World Politics, July-1960. GOODIN, Robert E.; Manipulatory Politics, New Haven: Yale University Press, 1980. GUNNING, J.Patrick., Understanding Democracy _An Introduction to the Public Choice, http://www.fortunecity.com/meltingpot/barclay/212/votehtm/cont.htm HANUSCH, Horst, (ed.), Anotomy of Government Deficiencies, Berlin: Springer-Verlag, 1983. HAYEK, Friedrich A. Von., New Studies in Philosophy, Politics, Economics and the History of Ideas, Chicago: The University of Chicago Press, 1978. S. 104. JOHNSON, David., Public Choice –An Introduction to the New Political Economy-, London. Mayfield Publ. Com. 1991. PEACOCK, Alan.; "On The Anatomy of Colective Failure" Public Finance, vol: XXXV, No: 1, 1980. ROWLEY, Charles K.; "Market Failure and Government Failure", in: James M.Buchanan and at all. (Eds.), The Economics of Politics, London: The Institute of Economic Affairs, 1978. WOLF, Charles.; "A Theory of Non-Market Failure: Framework for Implementation Analysis", Journal of Law and Economics, vol XXII, April-1979, pp.107-31.

Year 2015, Volume: 7 Issue: 2, 42 - 55, 01.12.2015

Coşkun Can Aktan

Abstract

References

  • BROWNING, Edgar K. and J.M. Browning., Public Finance and the Price System, 2nd ed. New York: McMillan Publ. 1983. BUCHANAN, James M.; "The Achievement and the Limits of Public Choice in Diagnosing Government Failure and in Offering Bases for Constructive Reform", Horst Hanusch (Ed.), Anatomy of Government Deficiencies, Berlin: Springer-Verlag, 1983, pp.15-25. CONGLETON, Roger D. “Informational Limits to Democratic Public Policy”, wwwsoc.nii.ac.jp/jepa/2003/40t2.pdf. DOWNS, Anthony. An Economic Theory of Democracy. New York: Harper, 1957. DOWNS, Anthony.; “An Economic Theory of Political Action in a Democracy”, Journal of Political Economy, April 1957. DOWNS, Anthony.; "Why The Government Budget is Too Small in a Democracy", World Politics, July-1960. GOODIN, Robert E.; Manipulatory Politics, New Haven: Yale University Press, 1980. GUNNING, J.Patrick., Understanding Democracy _An Introduction to the Public Choice, http://www.fortunecity.com/meltingpot/barclay/212/votehtm/cont.htm HANUSCH, Horst, (ed.), Anotomy of Government Deficiencies, Berlin: Springer-Verlag, 1983. HAYEK, Friedrich A. Von., New Studies in Philosophy, Politics, Economics and the History of Ideas, Chicago: The University of Chicago Press, 1978. S. 104. JOHNSON, David., Public Choice –An Introduction to the New Political Economy-, London. Mayfield Publ. Com. 1991. PEACOCK, Alan.; "On The Anatomy of Colective Failure" Public Finance, vol: XXXV, No: 1, 1980. ROWLEY, Charles K.; "Market Failure and Government Failure", in: James M.Buchanan and at all. (Eds.), The Economics of Politics, London: The Institute of Economic Affairs, 1978. WOLF, Charles.; "A Theory of Non-Market Failure: Framework for Implementation Analysis", Journal of Law and Economics, vol XXII, April-1979, pp.107-31.
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Coşkun Can Aktan

Publication Date December 1, 2015
Published in Issue Year 2015 Volume: 7 Issue: 2

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APA Aktan, C. C. (2015). SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE. International Journal of Economics and Finance Studies, 7(2), 42-55.
AMA Aktan CC. SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE. IJEFS. December 2015;7(2):42-55.
Chicago Aktan, Coşkun Can. “SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE”. International Journal of Economics and Finance Studies 7, no. 2 (December 2015): 42-55.
EndNote Aktan CC (December 1, 2015) SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE. International Journal of Economics and Finance Studies 7 2 42–55.
IEEE C. C. Aktan, “SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE”, IJEFS, vol. 7, no. 2, pp. 42–55, 2015.
ISNAD Aktan, Coşkun Can. “SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE”. International Journal of Economics and Finance Studies 7/2 (December 2015), 42-55.
JAMA Aktan CC. SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE. IJEFS. 2015;7:42–55.
MLA Aktan, Coşkun Can. “SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE”. International Journal of Economics and Finance Studies, vol. 7, no. 2, 2015, pp. 42-55.
Vancouver Aktan CC. SOURCES OF GOVERNMENTAL FAILURE AND IMPERFECT INFORMATION AS POLITICAL FAILURE. IJEFS. 2015;7(2):42-55.