Work detail

Market vs. Government Failures

Author: Bc. Michal Kebort
Year: 2004 - summer
Leaders: doc. Ing. Ondřej Schneider MPhil., Ph.D.
Consultants:
Work type: Bachelors
Language: Czech
Pages: 50
Awards and prizes:
Link:
Abstract: My bachelor study deals with government and market failures interaction. It's largely influenced by the Austrian subjective psychological school. The work examines the market process like the action of dynamic competition. It tries to catch up the diffusion of information and the process of discovery. These peaces of knowledge are used for later description of the essence of market and government failures.
The work tries to not feel the market failures in their dogmatic form how they are usually interpreted by neoclassic school. The approach of the Austrian subjective psychological school isn’t built on the knowledge of the conditions of equilibrium and it says that equilibrium isn’t possible in every time. Detection of market failures is based on the detection of conditions that will lead to the misallocation of information.
The work tries to compare the government and market failures in order to prove that every intervention of the government will lead to unthought-of incidences of which the politician isn’t aware. The study doesn’t reflect the government failures like real particular failures but like principles that accompany every state apparatus.
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