Institutional Failure: Difference between revisions
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Latest revision as of 15:58, 22 May 2021
Definition
Institutional Failure. Failures attributed to institutional design. These include
- law and policy failures (e.g. perverse subsidies),
- market failures (arising from externalities),
- organisational failures (e.g. lack of transparency and political legitimacy in decision making) and
- informal institutional failures (e.g. breakdown of social norms due to erosion of trust)
