Journal Article

Market imperfections, government imperfections, and policy mixes: policy innovations in Singapore

Ramesh, M., Wu, Xun

2014

Overview

Proper roles for government and market in addressing policy problems may be assessed by considering the duality between market imperfections and government imperfections. The potential of government interventions or market mechanisms as core policy instruments can be eroded by fundamental deficiencies deeply rooted in either government or market as social institutions. The impacts of such deficiencies are much more extensive than postulated by the existing theories. Analysis here, based on policy innovations in land transport and health care in Singapore, suggests how policy mixes might become the norm of response for addressing policy problems found in a range of sectors. The analytical framework presented may help to distinguish among different policy mixes according to their effectiveness, but also provides some useful guiding principles for policy design.

• Publisher: Springer,Springer US,Springer Nature B.V
• Subject: Automobiles / Economic Policy / Effectiveness / Evaluation / Externality / Government / Government failure / Government intervention / Government market / Health care / Health Care Services Policy / Health services / Hospital costs / Hospital units / Innovation / Innovations / Intervention (government) / Land / Land transport / Market analysis / Market failure / Market mechanisms / Markets / Medical service / Policy making / Political Science / Political Science and International Relations / Political Science and International Studies / Public Administration / Public policy / Public sector / Singapore / Social Institutions / Social justice / State Intervention / State Role / Studies / Traffic congestion / Transportation policy / United States environmental policy