Public Finance and Public Policy

By Arye L. Hillman. 2003

347 citations recorded by the source corpus.

The second edition of Public Finance and Public Policy retains the first edition's themes of investigation of responsibilities and limitations of government. The present edition has been rewritten and restructured. Public choice and political economy concepts and political and bureaucratic principal-agent problems are introduced at the beginning for application to later topics. Fairness, envy, hyperbolic discounting, and other concepts of behavioral economics are integrated throughout. The consequences of asymmetric information and the tradeoff between efficiency and ex-post equality are recurring themes. Key themes investigated are markets and governments, institutions and governance, public goods, public finance for public goods, market corrections (externalities and paternalist public policies), voting, social justice, entitlements and equality of opportunity, choice of taxation, and the need for government. The purpose of the book is to provide an accessible introduction to the use of public finance and public policy to improve on market outcomes.

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Citations in the corpus

Social Insurance: Connecting Theory to Data (2012, background): “2 In the United States, expenditures on social insurance have risen from less than 10 percent of the federal governments budget in the early 1950s to almost 60 percent today and continue to grow rapidly (Gruber 2009).”
Interpersonal trust and welfare state support (2015, background): “Our central line of argument is reminiscent of moral hazard problems that can arise when good and adverse outcomes in life depend on personal decisions about self-reliance (Hillman 2009, 541-543).”