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date: 23 November 2017

Abstract and Keywords

This article discusses market and non-market failures. The first section explores the various implications of three ideas: recognition of the scope of departures from the optimal in private choice, deference to voluntary action as a ‘default option’, and acknowledgement of the pervasiveness of government failure. When these three ideas are combined, they provide a template for responsible policy analysis.

Keywords: market failures, non-market failures, scope of departures, private choice, voluntary action, pervasiveness, responsible policy analysis

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