Understanding Market Failure in the Developing Country Context

Abstract

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Importance of the Public Service in Achieving the UN SDGS

“…In a bid to delivering on-time and high quality services, it is therefore very important that essential reforms are carried out to address concerns connected with wastagesthis is very common when dealing with public goods, which in most cases result in failure on the part of governments to meet basic welfare needs for citizens (Warburton and Jackson, 2020;Jackson and Jabbie, 2019). While it is very much necessary for governments to engage in high-end intensive investment projects, for example road construction, education and many more, it is also very important that care is taken not to over-stretch resources, which eventually will lead to failure on the part of the public service to deliver on planned goals in the economic management of a state.…”

“…Public service is the engine of effective governance delivery in the world economy; governments across the world cannot function well without the enabling structures of public administration to deliver on their mandate as set out mostly in (political) manifestos, while also making sure the core mandate for meeting citizens' basic welfare needs are made available through an efficient market system. The operation of such a market system must enable entities or agents to act in the best interest of delivering high services, which would have already been set as dictated through regulation of the legal systemthis should also facilitate the presence of information symmetry for agents to operate (Jackson and Jabbie, 2019;Winston, 2006;Weiner and Vining, 2004).…”

“…Moving on from Ancient Greek analysis of the role of public services, modern classical economics thinking as presented by the father of Economics (Adam Smith), also emphasised the importance of government in the delivery of specific services required for a fully functioning market (Jackson and Jabbie, 2019). According to Yay (2010: 91), Adam Smith emphasises on the state's function in three key areas -'defense, justice and infrastructural services'.…”

“…)an area that is still dominating present day delivery of public services. It is believed that the efficiency of public service administration has a long standing history, but more relevantly in the direction of providing essential services, mostly utilized equitably for the benefit of society, without much need for exploitation when it comes to dealing with accession of private enterprises in areas like price determination, which are normally with the motive of maximizing profits (Jackson and Jabbie, 2019;Primeaux and Stieber, 1994).…”

Disaggregated Short-Term Inflation Forecast (STIF) for Monetary Policy Decision in Sierra Leone

“…The occurrence of a volatile inflation is common to free market enterprise system and more acutely felt in an environment with high inflation speculation, which may arise as a result of market failure and the continued lack of confidence in an economic system (Coleman, 2007;Jackson, 2018;Jackson and Jabbie, 2019). In order to address the state of inflation in an economy, almost or nearly all economic think-tank institutions have resorted to some form of empirical research venture in predicting future outcomes of inflation in a bid to developing strategy or policy geared towards maintaining a balanced economic state of affairs in support of decent well-being for citizens.…”