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Intermediate Public Economics

ISBN-10: 0262083442
ISBN-13: 9780262083447
Edition: 2006
List price: $68.00
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Description: Public economics studies how government taxing and spending activities affect the economy--economic efficiency and the distribution of income and wealth. This comprehensive text in public economics covers the core topics market failure and taxation  More...

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Book details

List price: $68.00
Copyright year: 2006
Publisher: MIT Press
Publication date: 4/7/2006
Binding: Hardcover
Pages: 720
Size: 8.25" wide x 9.25" long x 1.50" tall
Weight: 4.004
Language: English

Public economics studies how government taxing and spending activities affect the economy--economic efficiency and the distribution of income and wealth. This comprehensive text in public economics covers the core topics market failure and taxation as well as recent developments in the political economy and public choice literatures. It is unique not only in its broad scope but in its balance between public finance and public choice and its combination of theory and relevant empirical evidence. After introducing the theory and methodology of public economics and reviewing the efficiency of the competitive equilibrium, the book presents a historical and theoretical overview of the public sector. It then discusses departures from efficiency, including imperfect competition and asymmetric information; issues in political economy, including rent-seeking (a topic often omitted from other texts); equity; taxation issues, including tax evasion and its consequences; fiscal federalism and tax competition among independent jurisdictions; and the intertemporal issues of social security and economic growth. This text introduces the reader to the theory of public economics and the most significant results of the analysis, providing an overview of the current state of the field. It is accessible to anyone with a background of intermediate microeconomics and macroeconomics and can be used in advanced undergraduate as well as graduate courses. Although the mathematics has been kept to a minimum, the book remains analytical rather than discursive. Annotated suggestions for further reading and numerous exercises are included at the end of each chapter.

Jean Hindriks is Professor in the Economics Department and Codirector of the Center forOperations Research and Econometrics (CORE) at the Universit� Catholique de Louvain.

Gareth D. Myles is Head of Department and Professor of Economics at the University of Exeterand a Research Fellow at the Institute for Fiscal Studies. He is the author of PublicEconomics.

Preface
Public Economics And Economic Efficiency
An Introduction to Public Economics
Public Economics
Methods
Analyzing Policy
Preview
Scope
Further Reading
Exercises
Equilibrium and Efficiency
Introduction
Economic Models
Competitive Economies
Efficiency of Competition
Lump-Sum Taxation
Discussion of Assumptions
Summary
Further Reading
Exercises
Government
Public Sector Statistics
Introduction
Historical Development
Composition of Expenditure
Revenue
Measuring the Government
Conclusions
Further Reading
Exercises
Theories of the Public Sector
Introduction
Justification for the Public Sector
Public Sector Growth
Excessive Government
Conclusions
Further Reading
Exercises
Departures From Efficiency
Public Goods
Introduction
Definitions
Private Provision
Efficient Provision
Voting
Personalized Prices
Mechanism Design
More on Private Provision
Fund-Raising Campaigns
Conclusions
Further Reading
Exercises
Club Goods and Local Public Goods
Introduction
Definitions
Single-Product Clubs
Clubs and the Economy
Local Public Goods
The Tiebout Hypothesis
Empirical Tests
Conclusions
Further Reading
Exercises
Externalities
Introduction
Externalities Defined
Market Inefficiency
Externality Examples
Pigouvian Taxation
Licenses
Internalization
The Coase Theorem
Nonconvexity
Conclusions
Further Reading
Exercises
Imperfect Competition
Introduction
Concepts of Competition
Market Structure
Welfare
Tax Incidence
Specific and Ad valorem Taxation
Regulation of Monopoly
Regulation of Oligopoly
Unions and Taxation
Monopsony
Conclusions
Further Reading
Exercises
Asymmetric Information
Introduction
Hidden Knowledge and Hidden Action
Actions or Knowledge?
Market Unraveling
Screening
Signaling
Moral Hazard (Hidden Action)
Public Provision of Health Care
Evidence
Conclusions
Further Reading
Exercises
Political Economy
Voting
Introduction
Stability
Impossibility
Majority Rule
Alternatives to Majority Rule
The Paradox of Voting
The "Alabama" Paradox
Conclusions
Further Reading
Exercises
Rent-Seeking
Introduction
Definitions
Rent-Seeking Games
Social Cost of Monopoly
Equilibrium Effects
Government Policy
Informative Lobbying
Controlling Rent-Seeking
Conclusions
Further Reading
Exercises
Equity And Distribution
Optimality and Comparability
Introduction
Social Optimality
Lump-Sum Taxes
Impossibility of Lump-Sum Taxes
Non-Tax Redistribution
Aspects of Pareto-Efficiency
Social Welfare Functions
The Impossibility
Interpersonal Comparability
Comparability and Social Welfare
Conclusions
Further Reading
Exercises
Inequality and Poverty
Introduction
Measuring Income
Equivalence Scales
Inequality Measurement
Poverty
Conclusions
Further Reading
Exercises
Taxation
Commodity Taxation
Introduction
Deadweight Loss
Optimal Taxation
Production Efficiency
Tax Rules
Equity Considerations
Applications
Efficient Taxation
Public Sector Pricing
Conclusions
Further Reading
Exercises
Income Taxation
Introduction
Equity and Efficiency
Taxation and Labor Supply
Empirical Evidence
Optimal Income Taxation
Two Specializations
Numerical Results
Tax Mix: Separation Principle
Voting over a Flat Tax
Conclusions
Further Reading
Exercises
Tax Evasion
Introduction
The Extent of Evasion
The Evasion Decision
Auditing and Punishment
Evidence on Evasion
Effect of Honesty
Tax Compliance Game
Compliance and Social Interaction
Conclusions
Further Reading
Exercises
Multiple Jurisdictions
Fiscal Federalism
Introduction
Arguments for Multi-level Government
Optimal Structure: Efficiency versus Stability
Accountability
Risk Sharing
Evidence on Decentralization
Conclusions
Further Reading
Exercises
Fiscal Competition
Introduction
Tax Competition
Income Distribution
Intergovernmental Transfers
Evidence
Conclusions
Further Reading
Exercises
Issues Of Time
Intertemporal Efficiency
Introduction
Overlapping Generations
Equilibrium
Optimality and Efficiency
Testing Efficiency
Conclusions
Further Reading
Exercises
Social Security and Debt
Introduction
Types of System
The Pensions Crisis
The Simplest Program
Social Security and Production
Population Growth
Sustaining a Program
Ricardian Equivalence
Social Security Reform
Conclusions
Further Reading
Exercises
Economic Growth
Introduction
Exogenous Growth
Endogenous Growth
Policy Reform
Empirical Evidence
Conclusions
Further Reading
Exercises

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