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Examples of government failure include regulatory capture and regulatory arbitrage. Government failure may arise because of unanticipated consequences of a government intervention, or because an inefficient outcome is more politically feasible than a Pareto improvement to it. Government failure can be on both the demand side and the supply side.
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by economists Daron Acemoglu and James A. Robinson, who jointly received the 2024 Nobel Economics Prize (alongside Simon Johnson) for their contribution in comparative studies of prosperity between nations.
Some books have been produced with the specific title of "economics of corruption". One of these is The Economics of Corruption edited by Ajit Mishra published by the Oxford University Press in 2005. This book is an anthology of 11 essays under 4 categories, written by 16 economists.
Posner, famous for his advocacy of free markets, turns on free-market capitalism in this book: "the financial crisis is indeed a crisis of capitalism rather than a failure of government." [32] Posner explicitly states that he has changed his mind, that in the words of economist Robert Lucas, "that macroeconomics in this original sense has ...
Government housing policies, over-regulation, failed regulation and deregulation have all been claimed as causes of the crisis, along with many others. While the modern financial system evolved, regulation did not keep pace and became mismatched with the risks building in the economy.
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A failed state is a state that has lost its ability to fulfill fundamental security and development functions, lacking effective control over its territory and borders. . Common characteristics of a failed state include a government incapable of tax collection, law enforcement, security assurance, territorial control, political or civil office staffing, and infrastructure maintenan