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The Complexity Surrounding Market Rationale in Public Decision Making in the Twenty-First Century
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Author(s): Bakry Elmedni (Long Island University – Brooklyn, USA)
Copyright: 2018
Pages: 11
Source title:
Positioning Markets and Governments in Public Management
Source Author(s)/Editor(s): Helisse Levine (Long Island University, USA)and Karina Moreno (Long Island University, USA)
DOI: 10.4018/978-1-5225-4177-6.ch014
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Abstract
Applying market rationale to public decision making has been in the center of the debates in both political and academic circles. Theoretically, these debates center on the role of government in society and how that role should be played. This chapters shows that applying market rationality to public decision making is problematic for three reasons. First, in reality, neither market nor individuals can be rational as envisioned in neoclassic economics. Second, public organizations pursue broad social goals that are often not measurable by market indicators. Third, the context within which public decisions are made is governed by legal and constitutional mandates that do not always suit market rationale, i.e. utility maximizations. Notwithstanding this, public choice theory can provide public organizations with alternative methods for maximizing social benefits. In doing so, public organizations have been adopting market-based standards as a method to promote performance and manage for results.
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