The failure of market failure

The concept of market failure was originally presented by economists as a normative explanation of why the need for government expenditures might arise. Gradually, the concept has taken on the form of a full‐scale diagnostic tool frequently employed by policy analysts to determine the exact scope and nature of government intervention. For some time, economists have known that the market failure idea is conceptually flawed. The authors of this article demonstrate why this is so, employing concepts drawn from the perspective of transaction costs. In a review of empirical studies, they further show how the market failure diagnostic leads analysts to make generalizations that are not supported by facts. Transaction cost analysis helps to explain the underlying processes involved. © 1999 by the Association for Public Policy Analysis and Management.     

Market failure,government failure,and the private supply of public goods: The case of climate-controlled walkway networks

Two opposing models of public-goods undersupply are those of “market failure” and “government failure”. Empirical work on the relative explanatory power of these two frameworks has been limited by the scarcity of acceptable data. The case of climate-controlled walkways in major urban cores is a rare instance where such difficulties can be overcome. We investigate the supply of CCWs in 55 large city-cores in North America. We find that (1) CCW networks are well-supplied by market forces, when (2) such forces are not frustrated by government policy. We also find evidence that (3) rules-based regimes dominate discretion-based regimes. These results are consistent with the position that the “government-failure” paradigm is a viable alternative to the traditional “market failure” paradigm.     

Quasimarket failure

The efficiency of ??quasimarkets????decentralized public goods provision subjected to Tiebout competition??is a staple of public choice conventional wisdom. Yet in the 1990s a countermovement called ??neoconsolidationism?? began to challenge this wisdom. The neoconsolidationists use the logic of government failure to argue that quasimarkets fail and that jurisdictional consolidation is a superior way to supply public goods and services in metropolitan areas. Public choice scholars have largely ignored the neoconsolidationists?? challenge. This paper brings that challenge to public choice scholars?? attention with the hope of encouraging responses. It also offers some thoughts about the directions such responses might take.     

市场经济理论的新发展

市场经济作为一种基本的资源配置方式,始终处在不断发展变化的过程中,人们对市场经济制度的认识也在不断发展、深化,随着现代市场经济的发展,特别是随着过去的计划经济体制向市场经济的转变,人们也在重新发现市场和追一步考量市场经济,而市场经济研究中出现的一些具有重大影响的新成果,值得我们关注和了解。     

市场信用犯罪的刑法学解读

市场信用犯罪是指市场主体在市场经济活动中,违背诚实信用原则侵害了市场信用,具有严重的社会危害性并依法应受刑罚处罚的行为。本类罪的共同客体为市场信用;客观上具有侵害受刑法保护的市场信用这一行为;主体为市场经济主体,包括自然人和单位;主观上为故意,大多具有牟利性。依据不同的标准可以将市场信用犯罪分为不同类型的犯罪。     

行业选择对企业市场价值的影响

本用实证研究的方法,分析在中国的市场环境中,行业选择对企业市场价值的影响。时行业风险作回归分析,对市场分化具体的概括,对股市各行业价格指数与整体市场人格指数的有序关系进行分别研究,最后分析各行业与市场平均水平差异形成的原因。研究结果表明,行业选择在我国对企业的市场价值有着很强的决定作用,不同的行业归属在很大程度上决定了投资了投资对企业价值的认同,从而决定企业价值在市场上的实现。     

The Essence of the “Market Army”

Western armies have undergone substantial organizational‐cultural transformations since the end of the Cold War. Two main themes have been suggested to describe these transformations: postmodernity and post‐Fordism. This article analyzes these profound shifts. The author portrays the new Western army as a “market army,” distancing itself from the “citizen army,” and envisions a continuum between these extreme types. The market army emulates market practices in order to adapt to modern strategic, economic, political, and cultural constraints. What typifies the market army is the subjection of military doctrine to the market, a post‐Fordist structure, a network‐centric hierarchy, market values borrowed by the military profession, the convergence of military and civilian occupations, the commodification of military service, and new contractual forms of bargaining between soldiers and the military. Israel serves as a critical case with which to develop the theory of the market army.     

我国资产定价权缺失与期货市场价格发现功能的联系分析

国内市场自身对资产"定价权"和"话语权"的缺失是制约国内资本市场发展的黑洞之一。随着中国资本市场在经济体系中的地位日益重要,这种被垄断的资本定价权和话语权的状况势必成为中国金融安全的极大隐患。为了加强我国的资产定价权,期货市场发挥着重要作用,谁影响了期货市场价格,谁就掌握了资产定价的主动权。分析我国期货市场价格发现功能不完善从而导致国际定价权缺失的原因,并相应提出了相关对策。     

The allusive market: insurance of flood risk in neoliberal Britain

Launched in 2016, Flood Re is a government-supported scheme for flood-risk insurance in Britain that is intended to pave the way towards an eventual ‘free’ market featuring risk-reflective pricing. This paper introduces the concept of ‘the allusive market’ to denote the figurative work that the market vision performs in this context. Alluding to the merits of what is in reality a highly implausible market-based future for flood insurance releases the government from having to substantively address intractable problems associated with the financial risk of flooding in the present: the market will come to the rescue. A risk-management crutch, the allusive market engenders contemporary policy paralysis, occasioning in turn the worsening of the very problems that the market is being relied upon, eventually, to resolve.     

Economic Distress,Labor Market Reforms,and Dualism in Japan and Korea

This article seeks to examine the rapid rise of labor market dualism and inequality in Japan and Korea. It argues that the path‐dependent trajectories of labor market and social protection reforms biased in favor of labor market insiders explain recent institutional developments in the two countries. In Japan, political coalitions between conservative policymakers, large firms, and core regular workers in reform politics consolidated labor market dualism and inequality during its protracted recession. Meanwhile, the organizational capacity of large chaebol unions deepened the inequality and the segmentation of the dualistic labor market in Korea. By examining three key institutional domains of the labor market—labor market reform, wage bargaining, and social protection—this article analyzes the ways in which Japan and Korea have reinforced dualism and inequality over the past two decades.     

FHA: Recent History and Future Prospects

The Federal Housing Administration (FHA) deserves considerable credit for helping support the housing market during the recent financial crisis by increasing its own market share. However, as the recovery continues, the FHA can gradually return to its “traditional” role as an insurer of low-down-payment home mortgages for low-to-moderate-income and first-time homebuyers. A major concern going forward is susceptibility to increased adverse selection if it continues in nontraditional markets. Indeed, the modest market share of the FHA going into the housing collapse was important both in limiting its losses and in allowing it to maintain the market when other traditional secondary market makers failed.     

The policy response to COVID-19 pandemic and its impact on the equity market sentiment: The Indian experience

We examine the dynamics of the impact of the evolving policy response during the COVID-19 pandemic on the equity market sentiment in India. We operationalise our study by examining the India VIX, the fear gauge of the Indian equity market as an indicator for the market sentiment, and the country level Government Response Index of the Blavatnik School of Government, Oxford University as an indicator for the policy response. The relation is examined through the Markov-switching model using high-frequency daily data from January 30, 2020, to May 31, 2021. The evidence suggests that the policy response has a positive impact on the market sentiment when the market is fearful. Further, the evidence suggests that both the high-fear state and the low-fear state of the market sentiment given by the model are short-lived indicating heightened volatility and possible speculation during the ongoing pandemic in the Indian equity market.     

市场经济中的道德与道德主义

发展市场经济不能忽视道德问题，无视道德问题的建设将不可能使市场经济得以健康发展，这是人们的共识。但另一方面我们却有必要区分市场经济中的道德与道德主义，并将此两的界限加以必要的把握。     

Does Academic Publishing Pass the Real Market Test?

The academic market test is dissected here into its componentdecision-making processes to establish a basis for comparingthe commercial market test that we know, with the one we seekto pass in academia. Important differences between the twomarkets exist, but the market test for academic publishingdoes pass muster and may surpass that of the commercialmarket. This provides an analytical foundation for resolvingissues of professional debate concerning who passes theacademic market test.     

社会管理创新的市场化导向研究

在我国,市场化为导向的社会管理创新原则要求:要把握政府的经济能力界限,培育市场经济赖以生存的土壤;把竞争引入到公共行政领域,建立公共服务的竞争机制;采取更为严厉的市场管理手段,维护市场经济秩序,培育市场活动参与者的规则意识和市场意识。     

Regulatory Contradictions: The Political Determinants of Labor Market Inequality in Korea and Japan

Growing labor market inequality in Korea and Japan is often blamed on increased trade competition with China, the information technology revolution, and aging populations. This study shows that labor market inequality is not simply driven by such structural changes but by the nature of the ways in which new labor market regulations were created and the resulting regulatory contradictions. Although its state-centric strategies designed new labor market regulation favoring marginal workers, the Korean government failed to resolve labor market inequality. This is because the government's new regulatory goal was not backed by sufficient policy resources or adequately coordinated with other policy areas. Conversely, Japanese authorities prioritized the employment stability of regular workers on the basis of consensus among labor and business groups and the government. However, this narrow goal continues to inhibit progress in closing the gap of labor market inequality.     

Beyond the Social Market: Rethinking Capitalism and Public Policy

Despite its worthy motives, social market philosophy provides neither a useful analytical framework for understanding modern capitalism, nor the policy tools to address our present economic and social predicament. The concept of ‘market failure’, with its underlying assumption of market equilibrium, does not capture the systemically adverse outcomes of collective market forces. A more sophisticated understanding of capitalist economies, and the societies in which they exist, would recognise that the market economy is a dynamic but not self‐regulating system. It is embedded in, and impacts on, four other economies – of the natural environment, of family and care, of voluntary association, and of the public sector – which operate under different motivations and allocative principles. The role of government is central, to balance the values created by different kinds of institutions and to constrain the dynamic impacts of market forces. A number of policy conclusions are offered arising from this framework.     

经济转型期的政府职能与土地市场发育

土地市场的发育和繁荣与政府所提供的制度规则与激励是分不开的。但由于经济转型期政府职能的“缺位”与“错位”等问题使土地市场的发育仍然存在许多不足。对经济转型期政府在土地市场发育中的职能缺乏规范的分析,对政府在土地市场发育中的职能认识不清是产生上述问题的原因。经济转型期政府职能定位不同于成熟的市场经济国家,对市场的培育非常重要。因此,政府应该在明晰土地权利、培育竞争主体、维护土地市场竞争秩序等方面发挥作用;同时,实施有效的公共政策供给以调控土地市场,从而维护土地市场的良性发育。     

从“他山之石”看我国城市公共服务市场化改革

在西方国家大力推行公共服务市场化改革的背景下,我国各地方政府也正尝试公共服务改革的实践,在取得成功经验的同时,也暴露出不少的问题。只有理性看待西方国家公共服务市场化,准确把握公共服务市场化的内涵,结合我国国情的基础上,才能找到城市公共服务市场化正确的改革路径。