'Market failure' is a term widely used by politicians, journalists and university and A-level economics students and teachers. However, those who use the term often lack any sense of proportion about the ability of government to correct market failures. This arises from the lack of general knowledge - and the lack of coverage in economics syllabuses - of Public Choice economics.
Public Choice economics applies realistic insights about human behaviour to the process of government, and is extremely helpful for all those who have an interest in - or work in - public policy to understand this discipline. If we assumes that at least some of those involved in the political process - whether elected representatives, bureaucrats, regulators, public sector workers or