Government Failure

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Government Failure

A situation in which government intervention leads to the inefficient allocation of resources. This is not the same as a government intervention leading to an unpopular result. A government failure may prove popular, for example, if it subsidizes local jobs at the expense of more efficient companies elsewhere. Examples of government failure include crowding out and pork-barrel spending.
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This results in patients not receiving the optimal treatment; payers paying for treatments that do not benefit patients; drug developers facing higher risk of regulatory failure due to not being able to use better tools for selection of patients in the clinical development program; and clinicians lacking predictive and monitoring tools to administer optimal treatment of patients.
The over-commercialisation of the Everest industry, a free-for-all caused by regulatory failure and bungling in Kathmandu, and the race to the top of the Third Pole has led to dangerous overcrowding on the mountains," the newspaper commented in an editorial.
Over the past decades, significant cases of professional misconduct or incompetence have focused the public and the government's attention on regulatory processes, no doubt with the perception of regulatory failure or incompetence.
I also found it hard to wrap my mind around the idea of securing the voluntary compliance of large corporate regulatees in the food, pharmaceutical, financial, transportation and energy industries where the risks for the public and government associated with regulatory failure are so demonstrably high.
But David Kenneth, Paisley, said: "The SFA have been guilty of regulatory failure and that's why the Celtic shareholders have raised this matter.
For governments, the scandal has cast light on regulatory failure.
The lessons of other regulatory failure may point the way for insurance regulators to avoid the same fate.
In the case of Fannie Mae and Freddie Mac, political mission regulation and corruption explains most of the regulatory failure.
It is a situation which has arisen from product regulatory failure - we must ensure focus is maintained on this to find a resolution for all patients.
Asia now has clear examples of market distortions and regulatory failure and there is increasing risk that the industry will experience more pressure as the sector grows and becomes higher profile.
Another classic case of regulatory failure is the mess is the telecom industry.
TO UNDERSTAND how we got ourselves into our current economic mess, complicated explanations about derivatives, regulatory failure, and so on are beside the point.

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