Rowman and Littlefield International

Knowledge and Incentives in Policy

Using Public Choice and Market Process Theory to Analyze Public Policy Issues

Edited by Stefanie Haeffele

Part of the series Economy, Polity, and Society

Publication Date: Jun 2018

Pages 302

Hardback 9781786603975
£90.00 €126.00 $135.00
Paperback 9781786603982
£29.95 €41.95 $44.95
Ebook - EPUB 9781786603999
£29.99 €39.99 $43.99
The relative effectiveness of various institutions, such as the market or government, is based on the ability for individuals to access and use dispersed knowledge in society and the incentives that steer their actions. Market process theory emphasizes the effectiveness of the price system to consolidate and transmit knowledge in the marketplace.

Together this framework provides new insights on the capability of individuals to cooperate and improve society, and the limits to government interventions in society. The original research in each chapter uses this economic way of thinking to analyze a variety of public policy issues, examining the incentives responsible for and the factors that contribute to the creation and effectiveness of the policies. These chapters, authored by public policy practitioners and researchers, tackle such pressing issues as public education, the process for approving medical devices, tax policy, and land use regulation.
1. Introduction, Haeffele / 2. Can Governments Create Bureaucratic Structures That Overcome Knowledge and Incentive Problems? An Analysis of the Millennium Challenge Corporation, Fike / 3. The Political Economy of Intervention in the Conflict against ISIS, Wille / 4. FDA Effectiveness Standards: Helpful or Harmful?, Mills / 5. Exit, Voice, and Incentives: An Institutional Analysis of Urban Public School Districts, Reese / 6. Firm-Specific Tax Incentives: The Bad and the Ugly, Michel / 7. Entrepreneurial Activity in Illinois: Investigating the Impact of Tax Incentive Development Programs, VanMetre / 8. A Better Tomorrow: Policy Reform and the Limitations of State-Led Targeted Economic Development, Michaluk / 9. The Political Economy of Casino Licensing: A Case Study on Maryland’s Experience, McTeer / 10. The Political Economy of D.C. School Choice: An Institutional Analysis of the Washington, D.C., Opportunity Scholarship Program, Kasic / 11. Stifling the Market Process with Land Use Regulation: An Analysis of Modern Trends in Land Use Regulation Applied to Redevelopment in Tysons Corner, Virginia, Hamilton
Public policies are frequently driven by a combination of good intentions and special-interest politics. Understanding this, Knowledge and Incentives in Policy applies public choice and market process theory to analyse a diverse array of important public policy topics such as foreign aid, environmental protection, and land-use regulations. Equally important, the authors are as diverse as the topics covered.
Robert Lawson, Professor of Practice, Southern Methodist University
Knowledge and Incentives in Policy offers a valuable set of analyses of a variety of local, state, national, and international policy initiatives. Each policy effort is scrutinized with respect to its incentive effects and potential knowledge problems. This volume offers a treasure trove of highly pertinent, timely, and useful examples.
Diana W. Thomas, Associate Professor of Economics, Creighton University
Stefanie Haeffele is the Deputy Director of Academic and Student Programs and a senior fellow for the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

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