The Limits of Market Mimicking Governance

One characteristic of modern governance is the tendency to rely on market-like mechanisms to address societal issues and market failures. This is known as market mimicking governance. For instance, cost-benefit analysis is often used to determine the value of goods and services in order to make policy decisions. However, this approach has limitations, as it fails to account for non-monetary values such as human life. Additionally, market mimicking governance tends to prioritize efficiency and consumer preferences over broader considerations of distributive justice and democratic ideals.