How Advances in Technology Keep Reducing Interventionist Policy Rationales

34 Pages Posted: 7 Jun 2018

See all articles by Fred E. Foldvary

Fred E. Foldvary

Santa Clara University - Leavey School of Business - Economics Department

Eric Hammer

Hamline University

Multiple version iconThere are 2 versions of this paper

Date Written: 07/28/2015

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.

Suggested Citation

Foldvary, Fred E. and Hammer, Eric, How Advances in Technology Keep Reducing Interventionist Policy Rationales (07/28/2015). MERCATUS WORKING PAPER. Available at SSRN: https://ssrn.com/abstract=3191371 or http://dx.doi.org/10.2139/ssrn.3191371

Fred E. Foldvary (Contact Author)

Santa Clara University - Leavey School of Business - Economics Department ( email )

500 El Camino Real
Santa Clara, CA California 95053
United States

Eric Hammer

Hamline University ( email )

1536 Hewitt Avenue
St. Paul, MN 55104
United States

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