04 the role of state & policy
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The document discusses rationales for government intervention in markets. It outlines efficiency-oriented rationales including addressing market failures like public goods, externalities, economies of scale, and imperfect competition. It also discusses non-efficiency rationales for intervention to address concerns about income, demands from interest groups, and goals like welfare, sustainability, and security. The role of the state is to intervene when markets are not performing adequately or allocating resources optimally due to various market failures and to address other social and economic objectives.
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2. Externalities occur when the actions of one economic unit unintentionally impact another in an uncompensated way, such as pollution from factories. This leads to a divergence between private and social costs/benefits.
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- 1. M. E. Civil (II) Town and Country Planning Semester – III An approach to development theory: The role of State and policy Prof. Bhasker V. Bhatt Civil Engineering Department SCET, Surat Politics & Public Policy Planning (2734804) Major Elective IV An approach to development theory: The role of State and policy by Bhasker V. Bhatt is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
- 2. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #2 Efficiency oriented interventions If, markets are failing to perform adequately in conveying price signals, in allowing low- cost transactions, or in prompting entry in a sector of economic activity, resulting in suboptimal use of resources for achieving maximum aggregate income… It needs to have long recognized forms of market failure such as public goods, externalities, economies of scale, and imperfect competition as well as more recently recognized forms such as transactions costs and imperfect
- 3. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #3 Public goods Pure public goods are in principle non-rival (use by one does not preclude use by another) and nonexclusive (use cannot be rationed). Public goods include infrastructure development, such as roads and large-scale water projects, and the provision of new technologies that cannot be patented.
- 4. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #4 Externalities State intervention may be required To manage a scheme of taxes and subsidies, To enforce regulatory controls, or To create a market for emission permits
- 5. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #5 Economies of scale State role is to seek to protect or subsidize new firms until they have reached the critical size and experience that allows them to compete. State can also underlie the new theories of strategic trade where export subsidies and temporary tariffs are used to take advantage of increasing
- 6. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #6 Market Power If economies of scale lead to natural monopoly, government regulation of market power will be necessary to keep prices as close as possible to marginal costs, as opposed to allowing monopoly pricing… The role of government is to be the regulator of competitive behaviour…
- 7. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #7 Transaction costs & imperfect information Many markets fail because the costs of using the market for a transaction are too high relative to the benefits the transaction yields… Insurance example in city and rural areas…
- 8. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #8 Non-efficiency oriented interventions Government can be in response to self- interested government officials’ concerns with the income consequences of the outcome of market forces and efficiency oriented policies, or in response to the demands of organized interest groups; generally it is a combination of both (Zusman, 1976)
- 9. Rationales of Government intervention 07:54# # # KEEP TAKING NOTES # # #9 Non-efficiency oriented interventions Welfare: Poverty Reduction and Income Distribution Sustainability and Intergenerational Equity Security: Food and Other Aspects