Keech, William R.; Munger, Michael
Government failure is a much bigger problem than its contemporary treatment
implies. Setting aside natural disasters, most of the great catastrophes of human history
have been government failures of one sort or another. We argue that many so-called market
failures are government failures because government defines the institutions in which
markets succeed or fail. The concept of government failure has been trapped in the cocoon
of the theory of perfect markets. Narrowly defined deviations...[Show more]
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