Public economics studies how government taxing and spending activities affect theeconomy--economic efficiency and the distribution of income and wealth. This comprehensive text inpublic economics covers the core topics market failure and taxation as well as recent developmentsin the political economy and public choice literatures. It is unique not only in its broad scope butin its balance between public finance and public choice and its combination of theory and relevantempirical evidence.After introducing the theory and methodology of public economics and reviewingthe efficiency of the competitive equilibrium, the book presents a historical and theoreticaloverview of the public sector. It then discusses departures from efficiency, including imperfectcompetition and asymmetric information; issues in political economy, including rent-seeking (a topicoften omitted from other texts); equity; taxation issues, including tax evasion and itsconsequences; fiscal federalism and tax competition among independent jurisdictions; and theintertemporal issues of social security and economic growth.This text introduces the reader to thetheory of public economics and the most significant results of the analysis, providing an overviewof the current state of the field. It is accessible to anyone with a background of intermediatemicroeconomics and macroeconomics and can be used in advanced undergraduate as well as graduatecourses. Although the mathematics has been kept to a minimum, the book remains analytical ratherthan discursive. Annotated suggestions for further reading and numerous exercises are included atthe end of each chapter.
"Public economics studies how government taxing and spending activities affect the economy -- economic efficiency and the distribution of income and wealth. This comprehensive text on public economics covers the core topics of market failure and taxation as well as recent developments in both policy and the academic literature. 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. The book covers the theory and methodology of public economics; presents a historical and theoretical overview of the public sector; and discusses such topics as departures from efficiency (including imperfect competition and asymmetric information), issues in political economy, equity, taxation, fiscal federalism, and tax competition among independent jurisdictions. Suggestions for further reading, from classic papers to recent research, appear in each chapter, as do exercises. The mathematics has been kept to a minimum without sacrificing intellectual rigor; the book remains analytical rather than discursive. This second edition has been thoroughly updated throughout. It offers new chapters on behavioral economics, limits to redistribution, international taxation, cost-benefit analysis, and the economics of climate policy. Additional exercises have been added and many sections revised in response to advice from readers of the first edition"--Provided by publisher.
Theory and Policy: Essays in Honor of Amaresh Bagchi
Author: M Govinda Rao
Publisher: SAGE Publications Ltd
Category: Business & Economics
This is a commemorative volume on Dr. Amaresh Bagchi, one of the greatest economic policy reformers of India, revered as the father of fiscal federalism in the country. The collection comprises original contributions by eminent scholars, who were also close friends and associates of Dr. Bagchi. Besides dealing with various important aspects of the subject of public economics and Dr. Bagchi’s work—both theoretical and applied—they also add a personal touch to compilation. The reminiscences reveal Dr. Bagchi the man as well as Dr. Bagchi the scholar.
This wide-ranging, up-to-date and detailed account of all aspects of public economics covers topics as varied as: * classical theorems of welfare economics * the theory of public expenditure * the effects of taxation on savings, labour supply investment and risk-taking * commodity, income and expenditure taxation * public sector and cost-benefit analysis * fiscal federalism. Written by Raghbendra Jha, an author with an established reputation, this book fills the gap in literature on this topic and will be a valuable reference for undergraduates in the fields of economics and public finance.
Essay from the year 2016 in the subject Business economics - Economic Policy, grade: A, University of South Florida (PG Business School), course: Msc Healthcare and Public Administration, language: English, abstract: This text gives an insight into public economy. It explains intergovernmental grants, their objectives, history and impact on economy. According to Musgrave (1939), the public economy is comprised of three functions; stabilization, distribution and allocation. Accordingly, the government should be able to stabilize prices, avoiding excessive inflation and has to ensure full employment. Secondly, the government should see that the resources are allocated efficiently and finally the governments should also ensure socially accepted wealth levels and market access are maintained, if not maintained the wealth has to be redistributed. Apparently by doing this governments can and have to stabilize employment levels, prices, and economic growth.