In This Review

Markets Or Governments: Choosing Between Imperfect Alternatives
Markets Or Governments: Choosing Between Imperfect Alternatives
By Charles Wolf, Jr.
MIT Press, 1988, 220 pp

Economists have long had a list of "market failures" that justified government intervention, but the results of intervention have not always been good. Dr. Wolf of RAND has worked out some persuasive propositions about the nature and causes of failure when nonmarket mechanisms are used. The careful formulation is helpful; the substance is not very new.