market failure

Critics of industrial policy claim that state interventions into the market lead to inefficient subsidies, protectionism, or the “picking of winners.” Kartik Akileswaran and Rohan Sandhu argue that when industrial policy is instead viewed as an iterative, dynamic process between the private and public sectors, and undergirded by the state's capacity to play this role,  it leads to a more sophisticated understanding of industrial policy’s manifold historical manifestations and benefits.

James Buchanan, one of the most influential economists of the twentieth century, believed that individuals were able to voluntarily devise private and market-like institutional...

Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited. As such,...

Even in an ideal electricity market, reliability is an elusive and precarious byproduct of companies’ search for profits. Since market designers are rarely in...

Proxy advisory firms lack transparency and their recommendations are not always in shareholders' interests. However, despite their poor performance, the two biggest firms' market...