How advances in technology keep reducing interventionist policy rationales

Fred Foldvary and Eric J. Hammer

Technology in Society, 2016, vol. 47, issue C, 16-24

Abstract: Rationales for government interventions in the market are typically based on theories of market failure set within a framework of fixed private-sector practices and technologies. However, continuous technological progress and entrepreneurial innovation are eroding the theoretical foundations of these policies, making them increasingly obsolete. This paper describes the four pillars of market failure doctrine and provides examples of how the market is using technology to solve problems previously considered to necessitate government intervention.

Keywords: Technology; Policy; Property rights; Market failure; Information (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:teinso:v:47:y:2016:i:c:p:16-24

DOI: 10.1016/j.techsoc.2016.07.003

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