Market Imperfections, Government Imperfections and Policy Mixes: Policy Innovations in Singapore

31 Pages Posted: 7 Oct 2013  

Xun Wu

Division of Social Science and Division of Environment, Hong Kong University of Science and Technology

M. Ramesh

National University of Singapore, Lee Kuan Yew School of Public Policy

Date Written: 2013

Abstract

Proper roles for government and market in addressing policy problems may be assessed by considering the duality between market imperfections and government imperfections. The potential of government interventions or market mechanisms as core policy instruments can be eroded by fundamental deficiencies deeply rooted in either government or market as social institutions. The impacts of such deficiencies are much more extensive than postulated by the existing theories. Analysis here, based on policy innovations in land transport and health care in Singapore, suggests how policy mixes might become the norm of response for addressing policy problems found in a range of sectors. The analytical framework presented may help to distinguish among different policy mixes according to their effectiveness, but also provides some useful guiding principles for policy design.

Suggested Citation

Wu, Xun and Ramesh, M., Market Imperfections, Government Imperfections and Policy Mixes: Policy Innovations in Singapore (2013). Policy Sciences, Forthcoming; Lee Kuan Yew School of Public Policy Research Paper No. LKYSPP13-10. Available at SSRN: https://ssrn.com/abstract=2335911

Xun Wu (Contact Author)

Division of Social Science and Division of Environment, Hong Kong University of Science and Technology ( email )

4054 LSK, HKUST
Clear Water Bay
Hong Kong, 999999

M. Ramesh

National University of Singapore, Lee Kuan Yew School of Public Policy ( email )

Singapore 117591
Singapore

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