The economic rationale for government intervention in a market economy has traditionally been provided by the theory of market failure. This article reviews the market failure paradigm in the light of the more recent literature on government failure. One implication of the theory of government...

The core beliefs, type of emotional energy and action tendencies of “hope groups†that engage in the policy process to advance their shared goals and “hate groups†that seek to expose the conspiratorial tendencies of a policy elite are compared and contrasted. The patterns of...

Conventional economic analysis of public policy has been traditionally conducted in the conceptual context of the theory of market failure. The resultant analytical framework enabled analysts to assess the economic efficiency of market outcomes, and prescribe appropriate government intervention...