Public Finance

Public Finance

A Normative Theory

2nd Edition - May 8, 2002

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  • Authors: Richard Tresch, Richard Tresch
  • eBook ISBN: 9780080515410

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Description

Featuring a general equilibrium framework that is both cohesive and versatile, the Second Edition of Public Finance: A Normative Theory brings new and updated information to this classic text. Through its concentration on the microeconomic theory of the public sector in the context of capitalist market economics it addresses the subjects traditionally at the heart of public sector economics, including public good theory, theory of taxation, welfare analysis, externalities, tax incidence, cost benefit analysis, and fiscal federalism. Its goal of providing a foundation, rather than attempting to present the most recent scholarship in detail, makes this Second Edition both a valuable text and a resource for professionals.

Key Features

* Second edition provides new and updated information
* Focuses on the heart of public sector economics, including public expenditure theory and policy, tax theory and policy, cost benefit-analysis, and fiscal federalism
* Features a cohesive and versatile general equilibrium framework

Readership

Advanced undergraduate and graduate students enrolled in courses in public finance and public economics.

Table of Contents

  • Part I: Introduction: The Content and Methodology of Public Sector Theory
    Introduction to Normative Public Sector Theory
    A General Equilibrium Model for Public Sector Analysis
    First-Best and Second-Best Analysis and the Political Economy of Public Sector Economics
    Part II: The Theory of Public Expenditures and Taxation: First-Best Analysis
    The Social Welfare Function in Policy Analysis
    The Problem of Externalities: An Overview
    Consumption Externalities
    Production Externalities
    The US Anti-Pollution Policies: An Application of Externality Theory
    The Theory of Decreasing Cost Production
    The First-Best Theory of Taxation
    Applying First-Best Principles of Taxation: What to Tax and How
    Part III: The Theory of Public Expenditures and Taxation: Second-Best Analysis
    Introduction to Second-Best Analysis
    The Second-Best Theory of Taxation in One-Consumer Economies with Linear Production Technology
    The Second-Best Theory of Taxation with General Production Technologies and Many Consumers
    Taxation under Asymmetric Information
    The Theory and Measurement of Tax Incidence
    Expenditure Incidence and Economy-Wide Incidence Studies
    The Second-Best Theory of Public Expenditures--Overview
    Transfer Payments and Private Information
    Externalities in a Second-Best Environment
    Decreasing Costs and the Theory of the Second Best--the Boiteux Problem
    General Production Rules in a Second-Best Environment
    Part IV: Cost-Benefit Analysis
    Introduction--the Issues of Cost-Benefit Analysis
    The Rate of Discount for Public Investments
    Uncertainty and the Arrow-Lind Problem
    Measurement Problems in Cost-Benefit Analysis
    Cost-Benefit Analysis and the Distribution of Income
    Common Pitfalls in Cost-Benefit Analysis
    Part V: Fiscal Federalism
    Optimal Federalism--Sorting the Functions of Government within the Fiscal Hierarchy
    Optimal Federalism--The Sorting of People within the Fiscal Hierarchy
    The Role of Grants-in-Aid in a Federalist System of Government

Product details

  • No. of pages: 976
  • Language: English
  • Copyright: © Academic Press 2002
  • Published: May 8, 2002
  • Imprint: Academic Press
  • eBook ISBN: 9780080515410

About the Authors

Richard Tresch

Richard Tresch
Richard Tresch earned a bachelor’s degree in 1965 from Williams College and a doctorate in economics in 1973 from the Massachusetts Institute of Technology, where he was a teaching assistant prior to joining Boston College. He joined the Boston College faculty in 1969, and during his 49-year-long career in the college, Dr. Tresch has served as the Chairman of the Department of Economics, Director of Graduate Studies, and Director of Undergraduate Studies. Currently, he is Professor Emeritus of Economics at Boston College. In 1996, he was chosen as the Massachusetts Professor of the Year by the Carnegie Foundation for the Advancement of Teaching. He was one of 585 national entrants in the foundation’s U.S. Professors of the Year Program, which salutes outstanding undergraduate instructors, with the award recognized as one of the most prestigious honors to be bestowed on professors. Dr. Tresch, a member of the American Economic Association, has served on the board of editors of the American Economic Review and contributed to the New England Journal of Business and Economics and Public Finance. Moreover, he is the editor of a fourvolume major reference work on public sector economics.

Affiliations and Expertise

Boston College, Massachusetts, USA

Richard Tresch

Richard Tresch
Richard Tresch earned a bachelor’s degree in 1965 from Williams College and a doctorate in economics in 1973 from the Massachusetts Institute of Technology, where he was a teaching assistant prior to joining Boston College. He joined the Boston College faculty in 1969, and during his 49-year-long career in the college, Dr. Tresch has served as the Chairman of the Department of Economics, Director of Graduate Studies, and Director of Undergraduate Studies. Currently, he is Professor Emeritus of Economics at Boston College. In 1996, he was chosen as the Massachusetts Professor of the Year by the Carnegie Foundation for the Advancement of Teaching. He was one of 585 national entrants in the foundation’s U.S. Professors of the Year Program, which salutes outstanding undergraduate instructors, with the award recognized as one of the most prestigious honors to be bestowed on professors. Dr. Tresch, a member of the American Economic Association, has served on the board of editors of the American Economic Review and contributed to the New England Journal of Business and Economics and Public Finance. Moreover, he is the editor of a fourvolume major reference work on public sector economics.

Affiliations and Expertise

Boston College, Massachusetts, USA

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