By Jürgen Backhaus, Richard E. Wagner
The Handbook of Public Finance presents a definitive resource, reference, and textual content for the sector of public finance. In 18 chapters it surveys the cutting-edge - the culture and breadth of the sector but in addition its present prestige and up to date advancements. The Handbook's highbrow starting place and orientation is actually multidisciplinary. all through its exam of the traditional fabric of public finance, it explores the connections among that fabric and such neighboring fields as political technological know-how, sociology, legislations, and public management.
The editors and individuals to the Handbook are distinctive students who write truly and accessibly in regards to the political economic climate of presidency budgets and their coverage implications. to handle the wishes and pursuits of foreign students, they position eu concerns subsequent to the yank schedule and provides realization to the problems of transformation in crucial jap Europe and elsewhere.
General Editors: Jürgen G. Backhaus, college of Erfurt
Richard E. Wagner, George Mason University
Contributors: Andy H. Barnett, Charles B. Blankart, Thomas E. Borcherding, Rainald Borck, Geoffrey Brennan, Giuseppe Eusepi, J. Stephen Ferris, Fred E. Folvary, Andrea Garzoni, Heinz Grossekettaler, Walter Hettich, Scott Hinds, Randall G. Holcombe, Jean-Michel Josselin, Carla Marchese, Alain Marciano, William S. Peirce, Nicholas Sanchez, David Schap, A. Allan Schmid, Russell S. Sobel, Stanley L. Winer, Bruce Yandle.
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Example text
Akerloff’s (1970) market for lemons is perhaps the most well-known example of this phenomenon. When the sellers of used cars have more knowledge about the condition of the car than do buyers, the average retail price will reflect the average value of the relative proportions of good and bad quality automobiles in the market. However, at this price a larger number of lower quality cars will be offered for sale (because it is a price above the automobile’s true value) while the better quality cars will disappear from the market (because this average price is below the automobile’s true value).
SOBEL Radio broadcasts, for example, meet both conditions for a public good, but rather than the private market underproviding broadcasts, the Federal Communications Commission actually restricts the number of radio stations allowed in the private market under the logic that the private market would otherwise oversupply radio broadcasts. Similarly, lighthouses were traditionally listed as a textbook case of a public good. Subsequent research by Coase (1974) and Peacock (1979), however, has found that lighthouses in nineteenth-century England were indeed privately provided.
If one perceives the market as a fair process, then any distribution of income or wealth that results from it must, by definition, be fair. The immense difficulty in applying these different fairness concepts can be seen when analyzing the merits of alternative tax proposals. If one views taxes as a way of allocating the cost of financing government across individuals, it appears fair to assign taxes in accordance with ability to pay (although the degree to which taxes rise with ability to pay would still be an issue).