This up-to-date new textbook provides a thorough treatment of all the central topics in public economics. Aimed at senior undergraduate and graduate students, it will also be invaluable to professional economists and to those teaching in the field. The book is entirely self-contained, giving all the equilibrium theory and welfare economics needed to understand the analyses. The author covers the Arrow-Debreu economy, welfare economics and the measurement of inequality and povery which lay the foundations and emphasize the important role played by information. Within the competitive economy, he examines commodity taxation, income taxation and tax reform in a certain environment. He goes on to study the public economics of uncertainty, and then treats public goods, externalities, imperfect competition and tax evasion as departures from the standard competitive assumptions and looks at their implication for public economics derived. Finally, after treatment of the overlapping generations economy, he addresses intertemporal issues concerning social security and debts.
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General equilibrium and welfare economics
Topics in measurement
Analysis in the competitive economy
Introducing real time
Overlapping generation economics
Debt and taxation
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aggregate allocation alternative analysis assumed assumption budget constraint capital chapter characterised choice Coase theorem commodity taxes competitive economy competitive equilibrium consider consumer consumption convex cost debt defined demand function denoted derived determined differentiated discussion distribution effect efficiency employed endowment equal equations equity existence externality feasible firm first-order condition follows given Hence household h imperfect competition implies income tax increase indifference curves inequality input labour supply Lindahl equilibrium Lorenz curve lump-sum taxes marginal rate maximisation measures Mirrlees Nash equilibrium normalisation optimal tax optimum outcome output overlapping generations economy Pareto efficient Pareto optimal Pareto-improving period possible poverty preferences price vector production set profit provides public economics Ramsey rule reform restrictions returns to scale revenue risk satisfy ſº social security programme social welfare function solution tax evasion tax incidence tax rate tax system taxation theorem transfers utility function zero