In all advanced economies, the public sector plays a fundamental role. The main justification for its role in the economy is the existence of multiple potential sources of market failures. State intervention can take different forms ranging from the regulatory framework that affects the functioning of the markets and of the business activity to direct provision of public services. Moreover, the State may directly promote structural changes, by providing incentives or imposing costs on specific sectors of the economy. The forms of state intervention can also change over time, for example as a reaction to technological and organizational improvements or political pressures. However, the presence of market failures need not per se imply that government action will allow reaching the optimal allocation. The quality and the efficiency of the public sector plays a crucial role on this respect.
On the 9 and 10 of September 2024, the Bank of Italy organizes the 1st edition of the EPSI (Economics of the Public Sector and Institutions) Conference. The conference, which will be held every year, aims at bringing together leading world scholars engaged in research that sheds light on the above and related topics. This year the welcome address will be delivered by the Deputy Governor of the Bank of Italy, Dr. Chiara Scotti and the event will host keynote lectures by prof. Raffaella Sadun (Harvard Business School) and prof. Jan Eeckhout (Universitat Pompeu Fabra).
