Cafe Hayek » Quotation of the Day…

Quotation of the Day…

Posted By Don Boudreaux On January 27, 2012 @ 8:22 am In Economics,Myths and Fallacies,Other People's Money,Seen and Unseen | Comments Disabled

… is from pages 8-9 of Mark Pennington’s 2011 book Robust Political Economy ^[1]:

Moreover, insofar as market failure theorists are right to focus on ‘incentive compatibility’, they fail to appy this analysis to their favoured institutional alternatives. A consistent analysis of collective action and asymmetric information problems reveals that these are often more pronounced in a public sector environment than they are in a regime of ‘imperfect markets’.

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[1] Robust Political Economy: http://www.amazon.com/Robust-Political-Economy-Classical-Liberalism/dp/1849807655/ref=sr_1_1?s=books&ie=UTF8&qid=1315652011&sr=1-1

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