FOCUSING ON WAYS THAT MARKETS WORK WITH, RATHER THAN AGAINST,
GOVERNMENTS TO ENHANCE PUBLIC WELFARE.
The optimal mix of market forces and government intervention to
allocate resources is one of the longest-standing problems facing
human civilization. At the theoretical extremes, resources in
centrally planned economies are allocated by the government, while
resources in capitalist economies are allocated by private markets. In
practice, market forces and government interventions co-exist to
allocate goods and services in a political environment with shifting
pressures to give one approach more responsibility than the other.
Current public attitudes toward markets are at a low point in the wake
of the Great Recession and the growth in income inequality that began
in the 1970s. However, in this book, noted Brookings economist
Clifford Winston argues that it is a serious mistake to overlook that
markets will be a critical part of the solution to any public
objectivewhether it be to reduce inequality, stimulate long-term
growth, slow climate change, or eliminate COVID 19. In Winston's view,
policymakers should be much more aware of the many ways that markets
help government to achieve economic and social goals and the potential
that markets have to provide greater assistance in achieving those
goals.
Winston synthesizes the empirical evidence on the efficacy of markets
in helping to protect consumers against anti-competitive behavior and
when technology appears to prevent price competition; to enable
individuals to make more informed decisions; and to reduce negative
externalities, improve public production, and encourage innovations.
Importantly, Winston presents evidence indicating how markets can also
help to reduce poverty, promote fairness in labor markets, and provide
merit goods. Winston subjects his assessment to a robustness test by
explaining how market forces have helped to address the COVID-19
pandemic by, for example, finding new ways for people to work safely
and providing incentives for pharmaceutical companies to develop safe
and effective vaccines.
Winston takes a proactive approach in his conclusion by suggesting the
formation of a major Commission composed of academics,
policymakers, and businesspeople. Such a panel could explore how
market forces could provide greater help to government to address
economic and social problems and could provide specific
recommendations to facilitate market solutions where appropriate.
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Markets Helping Government
Produktdetaljer
ISBN
9780815739333
Publisert
2021
Utgave
1. utgave
Utgiver
Bloomsbury USA
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter