Market failure and public policy on training: some reasons for caution

The aim of this paper is to examine market failure and public policy on training.

The paper presents four categories for market failure. It also examines evidence for the incidence of market failure

The study finds that there is weak evidence for market failure, but that it has featured prominently in policy thinking because of policy makers tendency to compare stocks of skills between countries.

The paper provides useful information on market failure and public policy on training.