Political Economy Fellow 2017-18
While government failure and market failure theories respectively predict the necessity of private and public efficiency, both fail to predict the public and private inefficiencies which are empirically pervasive. This failure of prediction is due to deductive reasoning that insulates explanatory claims from the real-world duality of agency and institutions. Oliver Williamson lays the foundations for recognising organisational failures of all kinds, by acknowledging this duality, but remains hamstrung by the limits of deductive reasoning.
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Biographical details correct as of 12.02.25