Rowman and Littlefield International

Informing Public Policy

Analyzing Contemporary US and International Policy Issues through the Lens of Market Process Economics

Edited by Stefanie Haeffele, Abigail R. Hall, Adam Millsap

Publication date:

25 April 2019

Length of book:

240 pages

Publisher

Rowman & Littlefield International

ISBN-13: 9781786609854

Market process theory illustrates how the market is the most effective institution for overcoming the knowledge problem. Specifically, the institutional characteristics of private property, monetary prices, and the disciplining mechanisms of profit and loss, guide actors to utilize knowledge dispersed among society, to allocate resources effectively, and to adjust their behavior when errors occur to provide valuable goods and services to society.

The chapters in this manuscript explore, through applications to issues within the United States and internationally, contemporary issues in public policy through the theoretical framework of knowledge problems and market process economics. Utilizing this approach, as well as other fundamental insights from economics, these chapters aim to illustrate how individuals in society address pressing public issues, the problems faced by policymakers, and the potential for novel solutions to policy challenges. Authored by individuals from a variety of disciplines with interests in public policy, this work includes discussions of education, child welfare, urban planning, and U.S. healthcare policy, as well as topics in e-commerce, the Global War on Terror, international trade, and economic development.
Informing Public Policy is an excellent introduction to the insights that market process theory brings to public policy analysis. By utilizing only junior scholars, the editors not only demonstrate the usefulness of market process theory to practitioners, but also scholars.