Markets or Governments

Choosing Between Imperfect Alternatives Second Edition

by Charles Wolf, Jr.

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A theory of market failures is well established in economics, but the same has not been true for the study of nonmarket failures. Markets or Governments remedies this situation by providing a formal theory of nonmarket failure, analyzing such problems as redundant costs, monopoly, frequency of unanticipated externalities, and bureaucracy in such nonmarket institutions as foundations, universities, and government. This new edition also includes references and applications of the theory to the ongoing process of system transformation in Russia, Ukraine, and Eastern Europe.

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