The foundations of economic policy: values and techniques
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English Italian |
| Published: |
Cambridge
Cambridge Univ. Press
2000
|
| Edition: | Reprinted |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Aus dem Ital. übers. |
| Physical Description: | XX, 519 S. graph. Darst. |
| ISBN: | 0521584078 0521586380 |
Staff View
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Record in the Search Index
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| adam_text | Contents
Preface xv
List of symbols xviii
1 Introduction 1
1.1 Economic policy 1
1.2 Economic reality and social preferences 3
1.3 Outline of the text and organisation of the discipline 4
1.4 Summary 6
1.5 Key concepts 6
PARTI DEFINING SOCIAL PREFERENCES
2 Individual preferences and social preferences 9
2.1 Welfare economics 9
2.2 Constructing a social ordering 11
*2.3 Information about individual utilities and interpersonal
comparisons 17
2.4 Summary 20
2.5 Key concepts 21
3 The Pareto principle and new welfare economics 23
3.1 Aggregating non comparable ordinal preferences and the Pareto
principle 23
3.2 The limitations of the Pareto principle and the attempt to overcome them:
new welfare economics 30
vii
viii Contents
3.3 The compensation principle 33
*3.4 Scitovsky s double criterion 34
3.5 Arrow and the impossibility theorem 36
*3.6 Voting theory 58
*3.7 Appendix. A formal demonstration of the Pareto efficiency
conditions 47
3.8 Summary 49
3.9 Key concepts 50
4 Theories of justice, social welfare functions and the social
optimum 52
4.1 The need for a theory of justice 52
4.2 Interpersonal comparisons, justice criteria and social welfare
functions 53
4.3 Choosing the social optimum 58
4.4 The utilitarianism of Pigou 59
*4.5 Rawls theory of justice 62
4.6 Non welfarist principles of justice 65
4.7 Summary 67
4.8 Key concepts 68
PART II SOCIAL CHOICES, GOVERNMENT AND THE MARKET
5 Social preferences and institutions 71
5.1 The role of the market and government 71
5.2 The fundamental theorems of welfare economics 72
5.3 The first fundamental theorem 73
5.4 The second fundamental theorem 75
5.5 Extending the theorems 77
5.6 The first theorem as a clarification (of the limits) of the invisible
hand 78
5.7 Market and government in the light of the second theorem 87
5.8 Summary 87
5.9 Key concepts 88
6 Market failures: microeconomic aspects 89
6.1 Introduction 89
6.2 Perfect competition and markets in the real world 89
6.3 Incomplete markets and externalities 96
6.4 Externalities and the Coase theorem 99
6.5 Public goods 706
*6.6 A formal treatment of public goods 708
Contents ix
6.7 Transaction costs and asymmetric information 111
6.8 The theory of the second best 114
6.9 Income distribution and equity 777
6.10 Merit wants 778
6.11 Summary 779
6.12 Key concepts 727
7 Market failures: macroeconomic aspects 722
7.1 The instability of a capitalist market economy 722
7.2 Unemployment 725
7.3 Inflation 725
7.4 The short run analysis of unemployment and inflation 133
7.5 Growth and development 762
7.6 Market failure in growth theories 765
7.7 Summary 768
7.8 Key concepts 770
PART III NORMATIVE AND POSITIVE THEORY OF ECONOMIC POLICY
8 The normative theory of economic policy 775
8.1 The government as a rational agent 775
8.2 Planning 776
8.3 Economic policy objectives 778
8.4 The instruments of economic policy 785
8.5 The model 788
8.6 Limits and extensions of the classical approach 193
8.7 The Lucas critique 194
*8.8 A formal treatment of the Lucas critique 796
*8.9 Appendix 1. Structural and reduced form models in the case of two
targets 797
*8.10 Appendix 2. The decision model in matrix form 798
8.11 Summary 200
8.12 Key concepts 207
9 Non market failures: elements of a positive theory of
economic policy 203
9.1 Representing social groups 203
9.2 Agency problems: the objectives of politicians and the political business
cycle 206
9.3 Agency problems: bureaucracy 270
9.4 Social groups, institutions and economic policy 275
9.5 Market and non market failures 274
x Contents
9.6 The process of defining government intervention 217
9.7 Summary 278
9.8 Key concepts 219
PART IV MICROECONOMIC INTERVENTION
10 Microeconomic policies for efficiency 223
10.1 Targets, instruments and models 223
10.2 Making the market work: the minimal state 224
10.3 Externalities and public policies 225
* 10.4 A decision model for production efficiency with externalities 229
*10.5 Public goods and their financing 230
10.6 Market power, regulation and public enterprises 232
10.7 Summary 244
10.8 Key concepts 246
11 Redistributive policies and optimal taxation 247
11.1 Theories of justice and the principles of redistribution 248
11.2 Redistribution policies 250
11.3 Utilitarianism, ability to pay and optimal taxation 252
* 11.4 Optimal taxation with private information: incentive compatible
taxes 255
11.5 The characteristics of the optimal tax 258
11.6 The trade off between efficiency and equity 259
11.7 Optimal commodity taxation 261
11.8 Tax incidence 265
11.9 Alternative redistribution and income maintenance schemes 266
11.10 The welfare state 269
11.11 Criticism of redistribution policies, flat rate taxation and the basic
income 272
11.12 Summary 274
11.13 Key concepts 275
12 Social choice and cosM enefit analysis 276
12.1 Choice criteria in private and public projects 276
12.2 Identifying the effects of a project 281
12.3 Evaluating the effects 282
12.4 Shadow prices 285
12.5 Valuing non marketed goods 288
12.6 Distribution 291
12.7 Uncertainty 292
12.8 The theoretical foundations of cost benefit analysis 293
* 12.9 Shadow prices in a planning framework 294
Contents xi
12.10 Summary 295
12.11 Key concepts 297
PART V MACROECONOMIC INTERVENTION IN A CLOSED ECONOMY
13 Macroeconomic objectives and monetary policy 301
13.1 Objectives, instruments and models of macroeconomic policy 301
13.2 The monetary economy 302
13.3 Financial intermediaries 303
13.4 Money as a liability of financial intermediaries 505
13.5 The central bank and monetary base 306
13.6 Banks and deposits 309
13.7 Controlling monetary base and the money supply 575
13.8 (Final) objectives and agents of monetary policy 319
13.9 The operation of monetary policy: indicators and intermediate
targets 320
13.10 Considerations on the effectiveness of monetary policy 324
13.11 Summary 326
13.12 Key concepts 327
14 Macroeconomic objectives and fiscal policy 329
14.1 The budget and its components 329
14.2 Income, employment and taxes 557
14.3 Expenditure financing 335
14.4 Public debt 344
14.5 Summary 348
14.6 Key concepts 349
15 Incomes and price policies 350
15.1 Introduction 350
15.2 Income distribution, full cost and incomes policy 350
15.3 Coercion and incomes policies 353
15.4 Statist policies 353
15.5 Market based policies 355
15.6 Institutional policies 356
15.7 Incomes policy and productivity policies 357
15.8 Incomes policy in the real world 357
15.9 Summary 359
15.10 Key concepts 360
xii Contents
PART VI MACROECONOMIC INTERVENTION IN AN OPEN ECONOMY
16 Monetary systems and exchange rate regimes 363
16.1 Balance of payments disequilibria and their causes 363
16.2 The balance of payments, the foreign exchange market and the
exchange rate 365
16.3 The gold standard 368
16.4 The gold exchange standard 371
16.5 Centrally created reserves 374
16.6 Floating exchange rates 375
16.7 Fixed versus flexible exchange rates: reflections from
experience 377
16.8 The European Monetary System 378
16.9 International payments imbalances over the last two decades 391
16.10 Summary 394
16.11 Key concepts 396
17 Balance of payments policies 397
17.1 Theory of the balance of payments 397
17.2 Balance of payments equilibrium and disequilibrium 400
17.3 Automatic adjustment mechanisms 401
17.4 Adjustment policies and the causes of disequilibrium 404
17.5 Policies for adjustment on capital account 404
17.6 Adjustment policies for excess or insufficient demand 407
17.7 Policies for competitiveness 408
17.8 The controllability of the exchange rate 409
17.9 The effectiveness of exchange rate adjustment 409
17.10 The asymmetric effects of a variation in the exchange rate 415
17.11 Exchange rate variations, subsidies and tariffs 416
* 17.12 Appendix. The optimum tariff 423
17.13 Summary 426
17.14 Key concepts 427
18 Economic policies in an open economy 428
18.1 The Mundell Fleming model 428
18.2 Fiscal and monetary policy under fixed exchange rates 434
18.3 Sterilisation under fixed exchange rates 437
18.4 Fiscal and monetary policy under floating exchange rates 439
18.5 Applying the Mundell Fleming model to the 1992 3 EMS crisis 443
18.6 The limitations of the Mundell Fleming model and ways to overcome
them 447
* 18.7 Exchange rate volatility and overshooting 449
18.8 Summary 451
18.9 Key concepts 453
Contents xiii
PART VII PROBLEMS OF REGIME IN GOVERNMENT ACTION,
DOMESTIC AND INTERNATIONAL
19 Consistency in public choice 457
19.1 Time inconsistency: fixed rules and discretionary intervention 457
19.2 Consistency and domestic decentralisation: the appropriate
assignment of instruments to targets 461
* 19.3 A formal analysis of appropriate assignment 464
19.4 Implicit international coordination and the redundancy problem 468
19.5 The case for international coordination 470
* 19.6 International coordination in formal terms 472
19.7 Summary 475
19.8 Key concepts 476
List of references 477
Author index 501
Subject index 505
* Sections marked by an asterisk and the appendices contain more difficult material that make the
book useful to more advanced students.
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| spelling | Acocella, Nicola 1939- Verfasser (DE-588)131682792 aut Fondamenti di politica economica The foundations of economic policy values and techniques Nicola Acocella Reprinted Cambridge Cambridge Univ. Press 2000 XX, 519 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Aus dem Ital. übers. Wirtschaftspolitik Economic policy Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Wirtschaftspolitik (DE-588)4066493-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=012858847&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Acocella, Nicola 1939- The foundations of economic policy values and techniques Wirtschaftspolitik Economic policy Wirtschaftspolitik (DE-588)4066493-4 gnd |
| subject_GND | (DE-588)4066493-4 (DE-588)4123623-3 |
| title | The foundations of economic policy values and techniques |
| title_alt | Fondamenti di politica economica |
| title_auth | The foundations of economic policy values and techniques |
| title_exact_search | The foundations of economic policy values and techniques |
| title_full | The foundations of economic policy values and techniques Nicola Acocella |
| title_fullStr | The foundations of economic policy values and techniques Nicola Acocella |
| title_full_unstemmed | The foundations of economic policy values and techniques Nicola Acocella |
| title_short | The foundations of economic policy |
| title_sort | the foundations of economic policy values and techniques |
| title_sub | values and techniques |
| topic | Wirtschaftspolitik Economic policy Wirtschaftspolitik (DE-588)4066493-4 gnd |
| topic_facet | Wirtschaftspolitik Economic policy Lehrbuch |
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