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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achieved addition allocation alternative analysis apply arise assumed assumption budget constraint capital chapter choice commodity competitive condition consider constant consumer consumption contrast cost curve debt defined definition demand denoted derived described determined differentiated direct discussion distribution economy effect efficiency employed endowment equal equations equilibrium equivalence evasion example existence expected externality figure firm follows further given gives Hence household identical implies important income increase individual inequality initial interest interpretation introduced issues lead lump-sum marginal maximisation measures nature necessary negative noted observation optimal outcome output Pareto optimal period population positive possible poverty preferences problem production profit programme Proof properties provides raise reduces reform relative represents restrictions returns risk rule satisfy scale shown shows social security solution structure substitution tax rate taxation theorem transfers unit utility function vector zero