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EconTalk
Does Market Failure Justify Government Intervention? (with Michael Munger)
Jun 17, 2024
01:08:04
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Duke University economist Michael Munger discusses the history of government intervention in response to market failure, exploring debates on maximizing happiness through allocation, the role of trial and error in decision-making, product innovation, and the challenges of industrial policy. The conversation delves into government failure in decision-making processes, expert committees in governance, and perceptions of bureaucracies.
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Quick takeaways
- Government failure involves substantive failures like regulation and law enforcement, not just correcting market failures.
- Procedural government failures occur when decisions do not lead to mutually beneficial outcomes, questioning the effectiveness of government intervention.
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The Necessity of Government Failure
Government failure is not just about correcting market failure but encompasses substantive failures like regulation, adjudication, currency stability, border control, and law enforcement. Maintaining core state functions is vital for governments to avoid failure, focusing on what they do best rather than trying to do everything.
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