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The anatomy of government failure

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]

CollectionsANU Research Publications
Date published: 2015
Type: Journal article
Source: Public Choice
DOI: 10.1007/s11127-015-0262-y


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