Public economics : a concise introduction / José Luis Gómez-Barroso.

Format:

Book

Author/Creator:

Gómez Barroso, José Luis, author.

Language:

English

Subjects (All):

Finance, Public.

Fiscal policy.

Physical Description:

1 online resource (267 pages)

Edition:

1st ed.

Place of Publication:

Abingdon, Oxon ; New York, NY : Routledge, 2022.

Summary:

"Public Economics: A Concise Introduction offers a comprehensive and heterodox view of the role of the state in the economy. Without departing from the methodological approach that is usually adopted to analyse what public action in the economy should be, it expands the traditional catalogue of situations in which this action could have a raison d'être. It then analyses the objectives pursued by the states, the instruments at their disposal and the policies in which their action takes shape, thus systematizing the study of public participation in the economy. This book is completed with two chapters: one devoted to the difficulties (both theoretical and practical) that governments face in order to carry out any possible activity, confronting them with market failures, and the other reviewing the public role throughout economic history and throughout history of economic thought. This book is intended for a general audience, since establishing the limits of the interaction between the state and the market is the first question that has to be answered by anyone determined to have their own criteria on economic matters"-- Provided by publisher.

Contents:

Cover

Half Title

Title

Copyright

Dedication

Contents

List of readings

List of figures

About the author

Preface

1 State activity in the economy: a global perspective

1 Introduction: public activity rather than public intervention

2 The market economy as a common system to organize economies

3 The (observed) functions of the state in the economy

4 Why? Reasons for the state's becoming involved in the economy

4.1 The shortcomings of the market

4.2 The shortcomings of specific markets

5 What for? The objectives of state involvement in the economy

5.1 Ultimate objectives

5.2 Derived objectives

5.3 Immediate objectives

6 How? The instruments used by the state to act in the economy

6.1 Ingredients

6.2 Recipes: economic policies

Summary

Overview

Self-assessment questions

Questions for reflection

2 Reasons for state economic activity

1 Introduction

2 Efficiency of the market

3 Reasons related to efficiency in the market: failures of the market

3.1 Guaranteeing rights and obligations

3.2 Inefficient outcome

3.3 Short-sightedness regarding the future: innovation and sustainability

3.4 Unequal distribution of wealth

4 Reasons unrelated to efficiency in the market

4.1 Equity

4.2 Amorality

5 Reasons related to efficiency in an individual market: failures of specific markets

5.1 Intrinsic characteristics of the good or activity

5.1.1 Public goods

5.1.2 Externalities

5.2 Market situation

5.2.1 Imperfect competition

5.2.2 Incomplete markets

5.2.3 Information failures

6 Reasons unrelated to efficiency in specific markets

6.1 Merit goods

6.2 Protected goods

7 Reasons to act versus need to act

3 Objectives of state economic activity.

1 Introduction: types of objectives

2 Ultimate objectives

2.1 Improving well-being: growth and employment

2.2 Allocation/redistribution

2.3 Defence of social values

3 Derived objectives

3.1 Measuring growth: gross domestic product

3.2 Measuring employment: unemployment rate

3.3 Measuring stability

3.3.1 Inflation

3.3.2 Public deficit

3.3.3 External deficit

3.4 Measuring equity: the Gini coefficient

4 Immediate objectives

5 Criticisms of the indicators used

5.1 The quality of the indicators

5.2 Growth versus sustainable development

5.3 Growth versus quality of life

Self-evaluation questions

4 Instruments of state economic activity

2 The ingredients of economic policies

2.1 Direct provision of goods and services

2.2 Direct intervention in markets

2.3 Regulation

2.4 Taxation

2.5 Benefits and subsidies

2.6 Nonmonetary incentives

2.7 Public-private partnerships

3 Policies used to organize economic activity

3.1 Property protection policy

3.2 Competition policy

3.3 Labour policy

3.4 Consumer protection policy

3.5 Environmental policy

4 Policies used to promote economic activity

4.1 Infrastructure policy

4.2 Training and capacity-building policies

4.3 Research and development policy

4.4 Policy for developing the information society

4.5 Growth and development policies

5 Macroeconomic adjustment policies

5.1 Fiscal policy

5.1.1 Fiscal policy as a stabilizer of the economy

5.1.2 The adverse effects of fiscal policy: public sector debt

5.1.3 Fiscal policy as a redistribution instrument

5.2 Monetary policy

5.3 Commercial policy

5.3.1 Traditional commercial policy

5.3.2 Exchange rate policy

5.4 Incomes policy

6 Social policies.

6.1 Social protection policy

6.2 Health policy

6.3 Education policy

6.4 Employment policy

6.5 Territorial policy

6.6 Housing policy

6.7 Other social policies

7 Sectorial policies

8 The coordination and subordination of policies

9 Assigning responsibility in policy design and implementation

5 Conclusion: state or market?

2 Public action in the economy: a priori objections

2.1 The limitations of collective decision-making

2.2 The limitations of government actions

2.3 The limitations to measuring public action

3 Public action in the economy: practical difficulties

4 So, state or market?

5 How societies can regain their freedom of choice

5.1 The need for global rules of the game

5.2 The need to recover state sovereignty

5.3 The need to establish inclusive globalization

5.4 The need to recover community social capital

6 State activity throughout history: theory and reality

2 Up to the contemporary age

2.1 Antiquity

2.2 The Middle Ages

2.3 Modern age

3 From The Wealth of Nations to the start of the 20th century

3.1 The turning point: Adam Smith

3.2 The development of classical economics in the first half of the 19th century

3.3 The final third of the 19th century

4 The 20th century

4.1 From the turn of the century to World War II

4.2 From the end of World War II to the oil crisis

4.3 The final quarter of the 20th century

5 The economy at the start of the 21st century

5.1 The first two decades

5.2 A new turning point? The post-COVID-19 economy

Index.

Notes:

Description based on print version record.

ISBN:

1-00-317373-X

1-000-43289-0

1-003-17373-X

1-000-43286-6

9781003173731

OCLC:

1261364046