A Course in Public Economics

This 2004 textbook explores how markets operate and governments' roles in addressing market failures.

John Leach (Author)

9780521828772, Cambridge University Press

Hardback, published 24 November 2003

434 pages, 59 b/w illus. 3 tables
25.4 x 18.3 x 2.8 cm, 0.97 kg

A Course in Public Economics, first published in 2004, 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, designed for upper-level undergraduates and first-year graduate students, begins with an extended discussion of 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.

Part I. Markets
Section 2. The Exchange Economy
Part II. Externalities
Section 6. Externalities and Negotiation
Part III. Public Goods
Section 10. Pure Public Goods
Part IV. Imperfect Competition
Section 14. Monopoly
Part V. Taxation and Efficiency
Section 16. Taxation
Part VI. Asymmetric Information and Efficiency
Section 19. Asymmetric Information
Part VII. Asymmetric Information and Income Redistribution
Section 23. The Distribution of Income.

Subject Areas: Microeconomics [KCC], Economics [KC], Central government policies [JPQB], Political science & theory [JPA], Sociology & anthropology [JH]