A Course in Public Economics

A Course in Public Economics

by John Leach
     
 

ISBN-10: 0521828775

ISBN-13: 9780521828772

Pub. Date: 11/24/2003

Publisher: Cambridge University Press

A Course in Public Economics explores the central questions of whether or not markets work, and if not, what is to be done about it. The first part of the textbook, which is designed for upper-level undergraduates and first-year graduate students, discusses the two theorems of welfare economics. These theorems show that competitive markets can give rise to socially…  See more details below

Overview

A Course in Public Economics explores the central questions of whether or not markets work, and if not, what is to be done about it. The first part of the textbook, which is designed for upper-level undergraduates and first-year graduate students, discusses the two theorems of welfare economics. These theorems show that competitive markets can give rise to socially desirable outcomes, and describe the conditions under which they do so. The second part of the book discusses the kinds of market failure - externalities, public goods, imperfect competition, and asymmetric information - that arise when these conditions are not met. The role of the government in resolving market failures is examined. The limits of government action, especially those arising from asymmetric information, are also investigated. A knowledge of intermediate microeconomics and basic calculus is assumed.

Product Details

ISBN-13:
9780521828772
Publisher:
Cambridge University Press
Publication date:
11/24/2003
Pages:
434
Product dimensions:
5.98(w) x 8.98(h) x 0.94(d)

Table of Contents

List of Figures
Preface
1Introduction1
2The Exchange Economy17
3An Algebraic Exchange Economy41
4The Production Economy57
5Consumer and Producer Surplus80
6Externalities and Negotiation103
7Permit Trading113
8Renewable Common Property Resources123
9Co-ordination Failures144
10Pure Public Goods157
11Two Examples of Pure Public Goods171
12Impure Public Goods187
13The Link between Public Goods and Externalities200
14Monopoly219
15Pricing Rules under Imperfect Competition228
16Taxation241
17The Welfare Cost of Tax Interactions256
18The Theory of the Second Best272
19Asymmetric Information293
20Preference Revelation304
21Regulation of a Natural Monopoly317
22Other Examples of Asymmetric Information333
23The Distribution of Income349
24The Limits to Income Redistribution368
25Redistributing Income through Tagging and Targeting380
26The Role of Government in a Market Economy390
A Note on Maximization395
Reference405
Index409

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