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How advances in technology keep reducing interventionist policy rationales

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  • Foldvary, Fred E.
  • Hammer, Eric J.

Abstract

Rationales for government interventions in the market are typically based on theories of market failure set within a framework of fixed private-sector practices and technologies. However, continuous technological progress and entrepreneurial innovation are eroding the theoretical foundations of these policies, making them increasingly obsolete. This paper describes the four pillars of market failure doctrine and provides examples of how the market is using technology to solve problems previously considered to necessitate government intervention.

Suggested Citation

  • Foldvary, Fred E. & Hammer, Eric J., 2016. "How advances in technology keep reducing interventionist policy rationales," Technology in Society, Elsevier, vol. 47(C), pages 16-24.
    • Handle: RePEc:eee:teinso:v:47:y:2016:i:c:p:16-24
    DOI: 10.1016/j.techsoc.2016.07.003
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    References listed on IDEAS

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    Cited by:

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    2. Pütz, Fabian & Murphy, Finbarr & Mullins, Martin & O'Malley, Lisa, 2019. "Connected automated vehicles and insurance: Analysing future market-structure from a business ecosystem perspective," Technology in Society, Elsevier, vol. 59(C).

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