by William C. Mitchell and Randy T. Simmons

Traditional public policy and welfare economics have held that "market failures" are common, requiring the intervention of government in order to serve and protect the public good. But are there such things as "government failures"? Could the consequences of any such government failures be far worse than those of market failures? Mitchell and Simmons explore the relationship between government and markets by emphasizing the actual---as opposed to ideal---workings of governments and combining the insights of economics with those of political science. In doing so, the authors show how "government failure" has become a pathology of contemporary political institutions and a vehicle for private gain at public expense. Among the topics analyzed are social welfare, consumer protection, and the environment. Mitchell and Simmons have created a powerful study of the market process, property rights, politics, contracts, and government bureaucracy.