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1、chapter1RegulationandFailureJosephStiglitzOnlyundercertainidealcircumstancesmayindividuals,actingontheirown,obtain“paretoefficient”outcomes,thatis,situationsinwhichnoonecanbemadebetteroffwithoutmakinganotherworseoff.Theseindividualsinvolvedmustberationalandwellinforme
2、d,andmustoperateincompetitivemarket-placesthatencompassafullrangeofinsuranceandcreditmarkets.Intheabsenceoftheseidealcircumstances,thereexistgovernmentinterventionsthatcanpotentiallyincreasesocietalefficiencyand/orequity.Someofthemajorelementsoftheseinterventionsareby
3、nowwellaccepted:antitrustlaws,topreventthecreationofmonopolypowerand/oritsabuse;con-sumerprotectionlegislation,designedespeciallytoaddresspotentialproblemsofexploitationarisingfrominformationasymmetries;andregulationstoensurethesafetyandsoundnessofthebankingsystem,whi
4、charemadenecessarybysystemicexternalities(spillovereffectsofeconomictransactionsaffectingmanypeoplewhowerenotpartiestothetransactions)thatcanarisewhena“systemi-cally”importantinstitutionfails,orisallowedtofail.Thecurrenteconomiccrisishashighlightedtheneedforgovernment
5、inter-ventionintheeventofthefailureofasystemicallyimportantinstitution.Buttheneedformassiveinterventionimplies,inturn,theneedtotakeactionstopreventtheoccurrenceofsuchfailuresinthefirstplace.Sometimesthedamagedonebyactionsthathaveadverseeffectsonotherscanbecompensatedf
6、orafterthefact,butinthecasesathand,thisisingeneralnotpossible.Policyinterven-tionsshouldbedesignedtomakelesslikelytheoccurrenceofactionsthatgeneratesignificantnegativespillovers,orexternalities.Butthesearenottheonlyreasonsforgovernmentintervention.Marketsfailtoproduce
7、efficientoutcomesforavarietyofotherreasonsthateconomistshaveexploredoverthelasttwenty-fiveyears.Marketsareplaguedbyproblemsofinformationasymmetries,andthereareincentivesformarketparticipantsbothtoexploitandtoincreasetheseinformationasymmetries.Foravarietyofreasonskeym
8、arkets(suchasthoseforinsuranceagainstsomeoftheimportantrisksthatindividualsandfirmsface)aremissing.(Riskmanagementistheprinc
