Handbook of Public Economics
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Handbook of Public Economics by Martin S. Feldstein
Book DescriptionThe Field of Public Economics has been changing rapidly in recent years, and the sixteen chapters contained in this Handbook survey many of the new developments. As a field, Public Economics is defined by its objectives rather than its techniques and much of what is new is the application of modern methods of economic theory and econometrics to problems that have been addressed by economists for over two hundred years. More generally, the discussion of public finance issues also involves elements of political science, finance and philosophy. These connections are evidence in several of the chapters that follow. Public Economics is the positive and normative study of government's effect on the economy. We attempt to explain why government behaves as it does, how its behavior influences the behavior of private firms and households, and what the welfare effects of such changes in behavior are. Following Musgrave (1959) one may imagine three purposes for government intervention in the economy: allocation, when market failure causes the private outcome to be Pareto inefficient, distribution, when the private market outcome leaves some individuals with unacceptably low shares in the fruits of the economy, and stabilization, when the private market outcome leaves some of the economy's resources underutilized. The recent trend in economic research has tended to emphasize the character of stabilization problems as problems of allocation in the labor market. The effects that government intervention can have on the allocation and distribution of an economy's resources are described in terms of efficiency and incidence effects. These are the primary measures used to evaluate the welfare effects of government policy.
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Book DetailsISBN: 9780444823144
(240mm x 165mm x 33mm)
Publisher: Elsevier Science & Technology
Publish Date: 25-Jan-2002
Country of Publication: United States
Books By Author Martin S. Feldstein
Handbook of Public Economics, Hardback (June 2013)
Features top scholars who provide context and order to new research about mechanisms that underlie both public finance theories and applications. This title focuses on new approaches to both revenue generation and expenditures in public finance. It presents summaries of subjects in public economics that stretch from methodologies to applications.
Distributional Aspects of Social Security and Social Security Reform, Hardback (July 2002)
Given the projected increase in life expectancy and number of retirees, the social security system faces eventual overload. Studies show that specially designed investment-based reforms can reduce the long-term burden on future taxpayers and increase the expected future income of retirees.
Risk Aspects of Investment-based Social Security Reform, Hardback (March 2001)» View all books by Martin S. Feldstein
As the ratio of retirees to taxpayers increases, concern about the high cost of providing benefits in a pay-as-you-go system has led to economists offering alternatives, one of which involves the investment in stocks and bonds of a person's holdings. This work examines the risks of such systems.
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