I have been interested lately in a paper Bill Keech and I were working on a decade ago, It was called "The Anatomy of Government Failure."Was AC Pigou the first "Public Choice" theorist?There are two transaction costs problems in the background: 1. Information asymmetries and the problem of ignorance2. Incentive problems and institutional designMarket failure is actually a thing. And it can be complicated: Kleinman and Teles, "Market and Non-Market Failures." But so is government failur...