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.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.