The second edition of Public Finance and Public Policy retainsthe first edition's themes of investigation of responsibilities andlimitations of government. The present edition has been rewrittenand restructured. Public choice and political economy concepts andpolitical and bureaucratic principal-agent problems are introducedat the beginning for application to later topics. Fairness, envy,hyperbolic discounting, and other concepts of behavioral economicsare integrated throughout. The consequences of asymmetricinformation and the tradeoff between efficiency and ex-postequality are recurring themes. Key themes investigated are marketsand governments, institutions and governance, public goods, publicfinance for public goods, market corrections (externalities andpaternalist public policies), voting, social justice, entitlementsand equality of opportunity, choice of taxation, and the need forgovernment. The purpose of the book is to provide an accessibleintroduction to the use of public finance and public policy toimprove on market outcomes.
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