{"id":15871,"date":"2020-11-20T11:55:48","date_gmt":"2020-11-20T10:55:48","guid":{"rendered":"https:\/\/www.munich-business-school.de\/insights\/?p=15871"},"modified":"2020-11-23T08:15:45","modified_gmt":"2020-11-23T07:15:45","slug":"critical-considerations-of-government-intervention-targeting-of-government-interventions-donts","status":"publish","type":"post","link":"https:\/\/www.munich-business-school.de\/insights\/en\/2020\/critical-considerations-of-government-intervention-targeting-of-government-interventions-donts\/","title":{"rendered":"Critical Considerations of Government Intervention: Targeting of Government Interventions \u2013 DONT’s"},"content":{"rendered":"\n
In this series, MBS professors deal with current political and social issues by critically questioning them and analyzing them with scientific arguments. The purpose is to promote a critical discourse both in society and at MBS.<\/pre>\n\n\n\n
In the previous part of our blog<\/a>, we explain why targeted government interventions in the market system make sense in the event of market failures. Now we want to shed light on how this goal can be achieved efficiently. Due to the recent tendencies of extending government intervention in response to societal demands such as climate protection this topic has gained importance. Basically, the climate crisis is due to a market failure – since the climate belongs to everyone, no one in particular feels obliged to treat it carefully – which means that only the government or a supranational authority such as the European Union or the United Nations can actually steer against it. Therefore, we use this blog to discuss how to approach the situation and which instruments should be used.  <\/p>\n\n\n\n
Generally spoken, the instrument used must firstly be appropriate for achieving a specific social goal or correcting a market failure, and secondly it must achieve this goal at the lowest possible cost. This consideration is also known as the targeting principle and was formulated by the Indian economist Jagdish N. Bhagwati as follows: <\/p>\n\n\n\n
„When distortions have to be introduced into the economy […] the optimal (or least-cost) method of doing this is to choose that policy intervention that creates the distortion affecting directly the constrained variable.“ (Jagdish Bhagwati 1971)<\/p><\/blockquote>\n\n\n\n
An example from trade policy can show what social costs can arise if the problem is not addressed directly (Morasch & Bartholomae 2017, p. 262ff): In quite a realistic situation, the government of a country finds that domestic agriculture suffers greatly from international competition and is being pushed back further and further. In the course of cultural preservation, agriculture, which is characterized by family-run farms, should be preserved, just as, for example, the Allgaeu\u2019s High Alpine Agriculture is  recognized by UNESCO as an intangible cultural heritage<\/a>. Consequently, a tariff on agricultural products might be introduced. This instrument achieves its goal: a tariff increases the prices of foreign competitors at home, so that domestic farmers can also charge more and expand their production. In addition, consumers will also have to pay more for the products. Economically, this results in costs in two ways: On the one hand, production is now more inefficient than is common worldwide (traditional agricultural production is less productive), and on the other hand domestic consumers can afford fewer goods. In economic terms, this means a loss in production and consumption efficiency. Moreover, tariffs do not ensure that traditional agriculture continues. <\/p>\n\n\n\n
A better approach than tariffs would therefore be to tackle the problem directly: the lack of competitiveness of domestic farmers. This could be improved by a production subsidy, for example. This would not change prices for consumers, since they are subsidized by the government, so consumption efficiency is not endangered. Although there is still a loss of production efficiency, this is unavoidable if this industrial structure is to be preserved. From a general economic perspective, however, positive externalities could then also arise and the tourism industry, for example, could benefit. 
However, a country may reasonably choose tariffs after all, for example if it has an inadequate (political\/bureaucratic) infrastructure – a subsidy is a much more complex instrument than setting up customs officers at the border to collect the tariff.<\/p>\n\n\n\n\n\n\n\n
So, what are the current political examples of government intervention that fail to comply with the targeting principle?<\/p>\n\n\n\n
One example can be found in climate policy. The introduction of binding CO2 targets for all sectors in order to achieve CO2 neutrality is currently debated. The measure is certainly appropriate. But does it also get to the heart of the problem?<\/p>\n\n\n\n
The heart of the matter is that too much CO2 is being emitted. If something is too much, it is probably because it is too cheap (see also the discussion about high meat consumption). Consequently, CO2 would have to be more expensive. Or should cost something at all – a CO2 tax would therefore be a much more direct way of achieving this goal. Producers would try to get away from the now expensive CO2 by investing in clean technologies. In addition, everyone can decide for themself what is better\/cheaper for them: installing a filter is certainly cheaper than changing the entire production technology. Cost-effective solutions would therefore be implemented quickly, even in industries that are currently not in the spotlight because they emit little CO2 – but from a climate perspective, it doesn’t really matter where CO2 is saved as long as there is less of it overall. But a mandatory CO2 target for each sector would mean that the government knows exactly how much can be saved in each case. This may well be the case, but the cost of determining this specifically for each sector would be an unnecessary burden on the public finances. Or to put it another way: The cause of the market failure, namely cost-free pollution, has been eliminated, and now the market can and should act efficiently within this framework.<\/p>\n\n\n\n
Another example: In order to save firms that have run into serious problems in the course of the pandemic control measures, the State takes (partial) ownership. Also with the ulterior motive of repositioning them in terms of climate policy. However, the issue is not the faulty business model of the firms but the demand shock. Bridge loans would therefore be much more suitable than a corporate activity by the government, which in view of very different objectives does not fall within the competence of the government or its representatives. The argument that the government’s involvement is only temporary is not very convincing when you consider examples like Commerzbank or Deutsche Bahn.<\/p>\n\n\n\n
The focus on certain sectors (automotive) and technologies (e-mobility) by politicians also violates this principle. To what extent political ad hoc measures can meaningfully support the necessary structural change or whether the selected technology is really sustainable will ultimately be decided by the market. And this is not an abstract entity, but reflects the needs and wishes of all of us as consumers. Any influence of the government violates this self-determination. It also requires the use of (too) many resources that can be used much more efficiently elsewhere. It remains the task of politics to ensure framework conditions for the economy so that it can develop for the benefit of all. Interventions can only be justified if they are targeted and pursue a socially desirable goal.<\/p>\n\n\n\n
So from an economic perspective, how can we assess Corona measures such as lockdown, contact restrictions, short-time work compensation, compulsory masking and government involvement in vaccine developers?<\/p>\n\n\n\n
References: <\/strong>
Morasch, K., Bartholomae, F.W. (2017): Handel und Wettbewerb auf globalen M\u00e4rkten, 2nd updated and extended edition, Springer Gabler: Wiesbaden.<\/p>\n\n\n\n
Bhagwati, J. N. (1971) \u201cThe generalized theory of distortions and welfare\u201d. In: Trade, Balance of Payments and Growth. Papers in International Economics in Honor of Charles P. Kindleberger, Edited by: Bhagwati, J. N., Jones, R. W., Mundell, R. A. and Vanek, J. 69\u201390. Amsterdam: North-Holland.<\/p>\n","protected":false},"excerpt":{"rendered":"
In this series, MBS professors deal with current political and social issues by critically questioning them and analyzing them with scientific arguments. 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