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  3. A Course in Public Economics
  • Cited by 9
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    • Publisher:
      Cambridge University Press
      Publication date:
      06 July 2010
      10 November 2003
      ISBN:
      9780511754180
      9780521828772
      9780521535670
      DOI:
      https://doi.org/10.1017/CBO9780511754180
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.922kg, 434 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.76kg, 434 Pages
      • Subjects:
      Economics, Macroeconomics, Economic Theory
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    • Selected: Digital
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    Subjects:
    Economics, Macroeconomics, Economic Theory
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    Book description

    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.

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