Includes bibliographical references (pages 247-278) and index.
Contents:
Introduction -- Perspectives on Government and Markets and the Scope and Content of the Analysis -- Part I: Markets Helping Government Address Economic Goals -- Why Markets Can Help Government Address Economic Goals -- Protecting Consumers against Anticompetitive Behavior -- Protecting Consumers When Technology Appears to Prevent Price Competition -- Enabling Individuals to Make More-Informed Decisions -- Addressing Negative Externalities Efficiently -- Improving Public Production -- Encouraging Innovations by Firms and Individuals -- Part II: How Markets Can Help Government Accomplish Social Goals -- Why Markets Could Help Government Achieve Social Goals -- Reducing Poverty -- Fairness in Labor Markets -- Merit Goals -- Expanding the Role of Markets to Help Address Social Goals Policies -- Part III: Synthesizing the Evidence -- Government Policy Inefficiencies and Efforts to Explain Them -- Markets Helping Government -- Some Broader Implications of Markets Helping Government -- Part IV: Markets Helping Government -- Market and Government Responses to COVID-19: A Robustness Test -- Conclusion: Advancing the Perspective of Markets Helping Government.
Summary:
"The optimal mix of market forces and government intervention to allocate resources is one of the longest-standing problems facing human civilization. At the theoretical extremes, resources in centrally planned economies are allocated by the government, while resources in capitalist economies are allocated by private markets. In practice, market forces and government interventions co-exist to allocate goods and services in a political environment with shifting pressures to give one approach more responsibility than the other. Current public attitudes toward markets are at a low point in the wake of the Great Recession and the growth in income inequality that began in the 1970s. However, in this book, noted Brookings economist Clifford Winston argues that it is a serious mistake to overlook that markets will be a critical part of the solution to any public objective--whether it be to reduce inequality, stimulate long-term growth, slow climate change, or eliminate COVID 19. In Winston's view, policymakers should be much more aware of the many ways that markets help government to achieve economic and social goals and the potential that markets have to provide greater assistance in achieving those goals. Winston synthesizes the empirical evidence on the efficacy of markets in helping to protect consumers against anti-competitive behavior and when technology appears to prevent price competition; to enable individuals to make more informed decisions; and to reduce negative externalities, improve public production, and encourage innovations. Importantly, Winston presents evidence indicating how markets can also help to reduce poverty, promote fairness in labor markets, and provide merit goods. Winston subjects his assessment to a robustness test by explaining how market forces have helped to address the COVID-19 pandemic by, for example, finding new ways for people to work safely and providing incentives for pharmaceutical companies to develop safe and effective vaccines. Winston takes a proactive approach in his conclusion by suggesting the formation of a major "Commission" composed of academics, policymakers, and businesspeople. Such a panel could explore how market forces could provide greater help to government to address economic and social problems and could provide specific recommendations to facilitate market solutions where appropriate." Provided by publisher. https://www.brookings.edu/book/gaining-ground/
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.