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Economics of the public sector 3rd ed

Economics of the public sector 3rd ed (Loan 93 times)

Material type
단행본
Personal Author
Stiglitz, Joseph E.
Title Statement
Economics of the public sector / Joseph E. Stiglitz.
판사항
3rd ed.
Publication, Distribution, etc
New York :   W.W. Norton,   c2000.  
Physical Medium
xxiii, 823 p. : ill. ; 25 cm.
ISBN
0393966518
Bibliography, Etc. Note
Includes bibliographical references and index.
Subject Added Entry-Topical Term
Finance, Public -- United States. Fiscal policy -- United States.
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020 ▼a 0393966518
040 ▼a DLC ▼c DLC ▼d C#P ▼d UKM ▼d OCL ▼d MUQ ▼d 211009
043 ▼a n-us---
049 1 ▼l 111279148
050 0 0 ▼a HJ257.2 ▼b .S84 2000
082 0 0 ▼a 336.73 ▼2 21
090 ▼a 336 ▼b S855e3
100 1 ▼a Stiglitz, Joseph E.
245 1 0 ▼a Economics of the public sector / ▼c Joseph E. Stiglitz.
250 ▼a 3rd ed.
260 ▼a New York : ▼b W.W. Norton, ▼c c2000.
300 ▼a xxiii, 823 p. : ▼b ill. ; ▼c 25 cm.
504 ▼a Includes bibliographical references and index.
650 0 ▼a Finance, Public ▼z United States.
650 0 ▼a Fiscal policy ▼z United States.

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Contents information

Author Introduction

조지프 스티글리츠(지은이)

1943년 미국 인디애나주 출생. 2001년 정보 비대칭성의 결과에 대한 연구로 노벨 경제학상을 수상한 세계적인 석학. MIT에서 폴 새뮤얼슨의 지도로 경제학 박사 학위를 받은 뒤 불과 27세에 예일 대학교 정교수가 되었고, 36세에 뛰어난 연구 업적을 쌓은 젊은 경제학자에게 수여하는 예비 노벨상, <존 베이츠 클라크 메달>을 수상했다. 듀크, 스탠퍼드, 옥스퍼드, 프린스턴 대학교의 교수를 역임하였으며 현재 컬럼비아 대학교 교수로 재직 중이다. 빌 클린턴 행정부에서 경제자문회의 의장과 세계은행의 수석 부총재 겸 수석 경제학자를 역임했다. 그러나 이때 아시아 금융 위기에 대응하는 국제 통화 기금의 재정 긴축과 고금리 정책을 강도 높게 비판하고, 자신이 속한 세계은행의 정책이 후진국의 빈곤과 빈부 격차를 심화시킨다고 지적하다가 미국 정부와의 갈등으로 자리에서 물러났다. 세계에서 가장 빈번히 인용되는 경제학자 가운데 한 명으로, 2011년에는 『타임』지가 선정한 <세계에서 가장 영향력 있는 인물 100인>에 이름을 올렸다. 거시 경제학, 공공 경제학, 정보 경제학의 대가이며 소득 재분배, 기업 지배 구조, 국제 교역 조건 등이 주요 연구 분야이다. 주요 저서로 『불평등의 대가』를 비롯하여 『거대한 불평등』, 『유로』, 『경제 규칙 다시 쓰기』, 『세계화와 그 불만』, 『끝나지 않은 추락』, 『인간의 얼굴을 한 세계화』, 『1990년대의 경제 호황』 등이 있다.

Information Provided By: : Aladin

Table of Contents


CONTENTS

PREFACE = XIX

PART ONE INTRODUCTION = 3

 1 THE PUBLIC SECTOR IN A MIXED ECONOMY = 3

  THE ECONOMIC ROLE OF GOVERNMENT = 4

   THE MIXED ECONOMY OF THE UNITED STATES = 4

   DIFFERENT PERSPECTIVES ON THE ROLE OF GOVERNMENT = 5

   AN IMPETUS FOR GOVERNMENT ACTION : MARKET FAILURES = 6

   RENT CONTROL : A CASE STUDY IN GOVERNMENT FAILURE = 8

   GOVERNMENT FAILURES = 8

   ACHIEVING BALANCE BETWEEN THE PUBLIC AND PRIVATE SECTORS = 10

   THE EMERGING CONSENSUS = 11

  WHAT OR WHO IS THE GOVERNMENT? = 12

  THINKING LIKE A PUBLIC SECTOR ECONOMIST = 14

   ANALYZING THE PUBLIC SECTOR = 16

   ECONOMIC MODELS = 18

   NORMATIVE VERSUS POSITIVE ECONOMICS = 19

   MUSGRAVE'S THREE BRANCHES = 20

  DISAGREEMENTS AMONG ECONOMISTS = 20

   DIFFERENCES IN VIEWS ON HOW THE ECONOMY BEHAVES = 21

   DISAGREEMENT OVER VALUES = 22

  REVIEW AND PRACTICE = 22

   SUMMARY = 22

   KEY CONCEPTS = 23

   QUESTIONS AND PROBLEMS = 23

 2 THE PUBLIC SECTOR IN THE UNITED STATES = 26

  TYPES OF GOVERNMENT ACTIVITY = 27

   PROVIDING A LEGAL SYSTEM = 28

   GOVERNMENT PRODUCTION = 28

   GOVERNMENT'S INFLUENCE ON PRIVATE PRODUCTION = 30

   GOVERNMENT PURCHASES OF GOODS AND SERVICES = 33

   GOVERNMENT REDISTRIBUTION OF INCOME = 33

   OVERVIEW OF GOVERNMENT EXPENDITURES = 37

  GAUGING THE SIZE OF THE PUBLIC SECTOR = 39

   GROWTH IN EXPENDITURES AND THEIR CHANGING COMPOSITION = 39

   COMPARISON OF EXPENDITURES ACROSS COUNTRIES = 42

  GOVERNMENT REVENUES = 43

   TAXES AND THE CONSTITUTION = 43

   FEDERAL TAXATION TODAY = 44

   STATE AND LOCAL GOVERNMENT REVENUES = 46

   COMPARISON OF TAXATION ACROSS COUNTRIES = 47

  DEFICIT FINANCING = 47

  PLAYING TRICKS WITH THE DATA ON GOVERNMENT ACTIVITIES = 47

  REVIEW AND PRACTICE = 50

   SUMMARY = 50

   KEY CONCEPTS = 51

   QUESTIONS AND PROBLEMS = 52

PART TWO FUNDAMENTALS OF WELFARE ECONOMICS = 53

 3 MARKET EFFICIENCY = 55

  THE INVISIBLE HAND OF COMPETITIVE MARKETS = 55

  WELFARE ECONOMICS AND PARETO EFFICIENCY = 57

   ON THE PROWL FOR PARETO IMPROVEMENTS = 58

   PARETO EFFICIENCY AND INDIVIDUALISM = 59

   THE FUNDAMENTAL THEOREMS OF WELFARE ECONOMICS = 60

   EFFICIENCY FROM THE PERSPECTIVE OF A SINGLE MARKET = 61

  ANALYZING ECONOMIC EFFICIENCY = 63

   THE UTILITY POSSIBILITIES CURVE = 63

   EXCHANGE EFFICIENCY = 64

   PRODUCTION EFFICIENCY = 68

   PRODUCT MIX EFFICIENCY = 72

  REVIEW AND PRACTICE = 73

   SUMMARY = 73

   KEY CONCEPTS = 74

   QUESTIONS AND PROBLEMS = 74

 4 MARKET FAILURE = 76

  PROPERTY RIGHTS AND CONTRACT ENFORCEMENT = 77

  MARKET FAILURES AND THE ROLE OF GOVERNMENT = 77

   1 FAILURE OF COMPETITION = 77

   2 PUBLIC GOODS = 79

   3 EXTERNALITIES = 80

   4 INCOMPLETE MARKETS = 81

   5 INFORMATION FAILURES = 83

   6 UNEMPLOYMENT, INFLATION, AND DISEQUILIBRIUM = 85

   7 INTERRELATIONSHIPS OF MARKET FAILURES = 85

  REDISTRIBUTION AND MERIT GOODS = 85

   MARKET FAILURES : EXPLANATIONS OR EXCUSES? = 86

  TWO PERSPECTIVES ON THE ROLE OF GOVERNMENT = 88

   NORMATIVE ANALYSIS = 89

   POSITIVE ANALYSIS = 90

  REVIEW AND PRACTICE = 90

   SUMMARY = 90

   KEY CONCEPTS = 91

   QUESTIONS AND PROBLEMS = 91

 5 EFFICIENCY AND EQUITY = 93

  EFFICIENCY AND DISTRIBUTION TRADE-OFFS = 94

  ANALYZING SOCIAL CHOICES = 94

   DETERMINING THE TRADE-OFFS = 96

   EVALUATING THE TRADE-OFFS = 98

   TWO CAVEATS = 102

  SOCIAL CHOICES IN PRACTICE = 104

   MEASURING BENEFITS = 105

   ORDINARY AND COMPENSATED DEMAND CURVES = 107

   CONSUMER SURPLUS = 109

   MEASURING AGGREGATE SOCIAL BENEFITS = 111

   MEASURING INEFFICIENCY = 111

   QUANTIFYING DISTRIBUTIONAL EFFECTS = 113

   DRAWING A POVERTY LINE = 114

  THREE APPROACHES TO SOCIAL CHOICES = 114

   THE COMPENSATION PRINCIPLE = 114

   TRADE-OFFS ACROSS MEASURES = 115

   WEIGHTED NET BENEFITS = 116

  REVIEW AND PRACTICE = 117

   SUMMARY = 117

   KEY CONCEPTS = 118

   QUESTIONS AND PROBLEMS = 118

 APPENDIX : ALTERNATIVE MEASURES OF INEQUALITY = 120

  THE LORENZ CURVE = 120

  THE DALTON-ATKINSON MEASURE = 122

PART THREE PUBLIC EXPENDITURE THEORY = 125

 6 PUBLIC GOODS AND PUBLICLY PROVIDED PRIVATE GOODS = 127

  PUBLIC GOODS = 128

   PUBLIC GOODS AND MARKET FAILURES = 129

   PAYING FOR PUBLIC GOODS = 129

   THE FREE RIDER PROBLEM = 130

   ECONOMISTS AND THE FREE RIDER PROBLEM = 132

   PURE AND IMPURE PUBLIC GOODS = 132

   PROPERTY RIGHTS, EXCLUDABILITY, AND EXTERNALITIES = 134

  PUBLICLY PROVIDED PRIVATE GOODS = 136

   RATIONING DEVICES FOR PUBLICLY PROVIDED PRIVATE GOODS = 137

  EFFICIENCY CONDITIONS FOR PUBLIC GOODS = 141

   DEMAND CURVES FOR PUBLIC GOODS = 142

   PARETO EFFICIENCY AND INCOME DISTRIBUTION = 147

   LIMITATIONS ON INCOME REDISTRIBUTION AND THE EFFICIENT SUPPLY OF PUBLIC GOODS = 148

   DISTORTIONARY TAXATION AND THE EFFICIENT SUPPLY OF PUBLIC GOODS = 148

  EFFICIENT GOVERNMENT AS A PUBLIC GOOD = 149

  REVIEW AND PRACTICE = 150

   SUMMARY = 150

   KEY CONCEPTS = 151

   QUESTIONS AND PROBLEMS = 151

 APPENDIX A : THE LEFTOVER CURVE = 152

 APPENDIX B : MEASURING THE WELFARE COST OF USER FEES = 154

 7 PUBLIC CHOICE = 156

  PUBLIC MECHANISMS FOR ALLOCATING RESOURCES = 157

   THE PROBLEM OF PREFERENCE REVELATION = 157

   INDIVIDUAL PREFERENCES FOR PUBLIC GOODS = 158

   THE PROBLEM OF AGGREGATING PREFERENCES = 162

   MAJORITY VOTING AND THE VOTING PARADOX = 163

   ARROW'S IMPOSSIBILITY THEOREM = 164

   SINGLE-PEAKED PREFERENCES AND THE EXISTENCE OF A MAJORITY VOTING EQUILIBRIUM = 166

   THE MEDIAN VOTER = 168

   THE INEFFICIENCY OF THE MAJORITY VOTING EQUILIBRIUM = 169

   THE TWO-PARTY SYSTEM AND THE MEDIAN VOTER = 171

   SOCIAL CHOICE THEORY = 172

  ALTERNATIVES FOR DETERMINING PUBLIC GOODS EXPENDITURES = 174

   LINDAHL EQUILIBRIUM = 174

  POLITICS AND ECONOMICS = 177

   WHY DO INDIVIDUALS VOTE? = 177

   ELECTIONS AND SPECIAL INTEREST GROUPS = 178

   THE POWER OF SPECIAL INTEREST GROUPS = 179

   THE ALTRUISTIC POLITICIAN? = 179

   CAMPAIGN REFORM = 180

   THE PERSISTENCE OF INEFFICIENT EQUILIBRIUM = 181

  REVIEW AND PRACTICE = 182

   SUMMARY = 182

   KEY CONCEPTS = 183

   QUESTIONS AND PROBLEMS = 183

 APPENDIX : NEW PREFERENCE-REVELATION MECHANISMS = 185

 8 PUBLIC PRODUCTION AND BUREAUCRACY = 189

  NATURAL MONOPOLY : PUBLIC PRODUCTION OF PRIVATE GOODS = 190

   THE BASIC ECONOMICS OF NATURAL MONOPOLY = 191

   REGULATION AND TAXATION(SUBSIDIES) = 195

   NO GOVERNMENT INTERVENTION = 196

   NATIONAL PERFORMANCE REVIEW = 198

  COMPARISON OF EFFICIENCY IN THE PUBLIC AND PRIVATE SECTORS = 198

  SOURCES OF INEFFICIENCY IN THE PUBLIC SECTOR = 200

   ORGANIZATIONAL DIFFERENCES = 200

   INDIVIDUAL DIFFERENCES = 202

   BUREAUCRATIC PROCEDURES AND RISK AVERSION = 204

  CORPORATIZATION = 206

   PRIVATIZING PRISONS = 208

  A GROWING CONSENSUS ON GOVERNMENT'S ROLE IN PRODUCTION = 208

  REVIEW AND PRACTICE = 210

   SUMMARY = 210

   KEY CONCEPTS = 211

   QUESTIONS AND PROBLEMS = 211

 9 EXTERNALITIES AND THE ENVIRONMENT = 214

  THE PROBLEM OF EXTERNALITIES = 215

  PRIVATE SOLUTIONS TO EXTERNALITIES = 217

   INTERNALIZING EXTERNALITIES = 218

   THE COASE THEOREM = 218

   USING THE LEGAL SYSTEM = 219

   THE EXXON VALDEZ OIL SPILL = 220

   FAILURES OF PRIVATE SOLUTIONS = 221

  PUBLIC SECTOR SOLUTIONS TO EXTERNALITIES = 223

   MARKET-BASED SOLUTIONS = 224

   DOUBLE DIVIDEND = 226

   REGULATION = 230

   INNOVATION = 231

   INFORMATION DISCLOSURE = 232

   COMPENSATION AND DISTRIBUTION = 233

  PROTECTING THE ENVIRONMENT : THE ROLE OF GOVERNMENT IN PRACTICE = 234

   AIR = 234

   WATER = 237

   TOXIC WASTE = 238

   ENDANGERED SPECIES = 239

  REVIEW AND PRACTICE = 240

   SUMMARY = 240

   KEY CONCEPTS = 241

   QUESTIONS AND PROBLEMS = 241

PART FOUR EXPENDITURE PROGRAMS = 245

 10 THE ANALYSIS OF EXPENDITURE POLICY = 247

  NEED FOR PROGRAM = 248

  MARKET FAILURES = 249

   HIGHER EDUCATION IN THE UNITED STATES = 250

  ALTERNATIVE FORMS OF GOVERNMENT INTERVENTION = 250

  THE IMPORTANCE OF PARTICULAR DESIGN FEATURES = 252

  PRIVATE SECTOR RESPONSES TO GOVERNMENT PROGRAMS = 253

  EFFICIENCY CONSEQUENCES = 254

   INCOME AND SUBSTITUTION EFFECTS AND INDUCED INEFFICIENCY = 254

  DISTRIBUTIONAL CONSEQUENCES = 258

   INCIDENCE OF EDUCATION TAX CREDITS = 260

   EVALUATING THE DISTRIBUTIONAL CONSEQUENCES = 261

   FAIRNESS AND DISTRIBUTION = 263

  EQUITY-EFFICIENCY TRADE-OFFS = 264

  PUBLIC POLICY OBJECTIVES = 266

  POLITICAL PROCESS = 267

  REVIEW AND PRACTICE = 268

   SUMMARY = 268

   KEY CONCEPTS = 269

   QUESTIONS AND PROBLEMS = 269

 11 COST-BENEFIT ANALYSIS = 271

  PRIVATE COST-BENEFIT ANALYSIS = 272

   PRESENT DISCOUNTED VALUE = 273

  SOCIAL COST-BENEFIT ANALYSIS = 274

  CONSUMER SURPLUS AND THE DECISION TO UNDERTAKE A PROJECT = 275

  MEASURING NON-MONETIZED COSTS AND BENEFITS = 278

   VALUING TIME = 279

   VALUING LIFE = 279

   CHILDREN, CAR SAFETY, AND THE VALUE OF LIFE = 280

   VALUING NATURAL RESOURCES = 282

  SHADOW PRICES AND MARKET PRICES = 283

  DISCOUNT RATE FOR SOCIAL COST-BENEFIT ANALYSIS = 284

   CLIMATE CHANGE AND DISCOUNT RATES = 286

  THE EVALUATION OF RISK = 289

   RISK ASSESSMENT = 291

  DISTRIBUTIONAL CONSIDERATIONS = 292

  COST EFFECTIVENESS = 293

  REVIEW AND PRACTICE = 297

   SUMMARY = 297

   KEY CONCEPTS = 297

   QUESTIONS AND PROBLEMS = 298

 12 HEALTH CARE = 300

  THE HEALTH CARE SYSTEM IN THE UNITED STATES = 304

   THE PRIVATE SECTOR = 306

   THE ROLE OF GOVERNMENT = 306

   OTHER EXPENDITURE PROGRAMS = 307

   TAX EXPENDITURES = 307

  RATIONALE FOR A ROLE OF GOVERNMENT IN THE HEALTH CARE SECTOR = 308

   IMPERFECT INFORMATION = 309

   LIMITED COMPETITION = 309

   ABSENCE OF PROFIT MOTIVE = 310

   SPECIAL CHARACTERISTICS OF THE U.S. MARKET = 311

   MALPRACTICE SUITS = 312

   THE ROLE OF THE HEALTH INSURANCE INDUSTRY = 313

   CONSEQUENCES OF INEFFICIENCIES IN HEALTH CARE MARKETS = 319

   POVERTY, INCOMPLETE COVERAGE, AND THE ROLE OF GOVERNMENT = 321

   REFORMING HEALTH CARE = 322

    COST CONTAINMENT = 322

    EXTENDING INSURANCE COVERAGE = 323

    MEDICARE REFORM : EASING LONG-TERM FISCAL STRAINS = 325

    REFORMING MEDICAID = 327

   REVIEW AND PRACTICE = 328

    SUMMARY = 328

    KEY CONCEPTS = 329

    QUESTIONS AND PROBLEMS = 329

 13 DEFENSE AND TECHNOLOGY = 331

  DEFENSE EXPENDITURES = 333

   THE VALUE OF MARGINAL ANALYSIS = 333

   GAME THEORY, THE ARMS RACE, AND THE THEORY OF DETERRENCE = 334

   DEFENSE STRATEGY = 335

  INCREASING THE EFFICIENCY OF THE DEFENSE DEPARTMENT = 338

   DEFENSE PROCUREMENT = 338

  DEFENSE CONVERSION = 341

  TECHNOLOGY = 342

   MARKET FAILURES = 344

   THE SCOPE OF THE PATENT : CAN THE HUMAN BODY BE PATENTED? = 346

   GOVERNMENT DIRECT SUPPORT = 348

  REVIEW AND PRACTICE = 350

   SUMMARY = 350

   KEY CONCEPTS = 351

   QUESTIONS AND PROBLEMS = 351

 14 SOCIAL INSURANCE = 353

  THE SOCIAL SECURITY SYSTEM = 356

  SOCIAL SECURITY, PRIVATE INSURANCE, AND MARKET FAILURES = 358

   HIGH TRANSACTIONS COSTS = 359

   LACK OF INDEXING : THE INABILITY OF PRIVATE MARKETS TO INSURE SOCIAL RISKS = 359

   ADVERSE SELECTION, DIFFERENTIAL RISKS, AND THE COST OF INSURANCE = 360

   MORAL HAZARD AND SOCIAL SECURITY = 361

   RETIREMENT INSURANCE AS A MERIT GOOD = 362

  SHOULD SOCIAL SECURITY BE REFORMED? = 363

   THE NATURE OF THE FISCAL CRISIS = 364

   SAVINGS = 369

   LABOR SUPPLY = 370

   THE RATE OF RETURN = 372

   INEQUITIES = 373

  REFORMING SOCIAL SECURITY = 374

   REDUCING EXPENDITURES = 374

   INCREASING REVENUES = 375

   STRUCTURAL REFORMS = 376

   SOCIAL SECURITY ABROAD = 378

  REVIEW AND PRACTICE = 381

   SUMMARY = 381

   KEY CONCEPTS = 381

   QUESTIONS AND PROBLEMS = 382

 15 WELFARE PROGRAMS AND THE REDISTRIBUTION OF INCOME = 385

  A BRIEF DESCRIPTION OF MAJOR U.S. WELFARE PROGRAMS = 386

   AFDC AND TANF = 387

   THE EARNED INCOME TAX CREDIT = 388

   FOOD STAMPS = 388

   MEDICAID = 389

   HOUSING = 390

   OTHER PROGRAMS = 390

  RATIONALE FOR GOVERNMENT WELFARE PROGRAMS = 391

   DIMENSIONS OF THE PROBLEM = 392

  ANALYTIC ISSUES = 393

   LABOR SUPPLY = 393

   CASH VERSUS IN-KIND REDISTRIBUTION = 397

   INEFFICIENCIES FROM IN-KIND BENEFITS = 398

   ARE IN-KIND BENEFITS PATERNALISTIC? = 401

   CATEGORICAL VERSUS BROAD-BASED AID = 403

   IS MEANS TESTING OBJECTIONABLE IN ITS OWN RIGHT? = 404

   OTHER DISTORTIONS = 405

  WELFARE REFORM : INTEGRATION OF PROGRAMS = 406

  THE WELFARE REFORM BILL OF 1996 = 408

   BLOCK GRANTING = 408

   ANALYTICS OF STATE RESPONSES TO BLOCK GRANTS = 409

   TIME LIMITS = 411

   MANDATORY WORK = 411

   THE WELFARE REFORM DEBATE OF 1996 = 411

  CONCLUDING REMARKS = 413

   EMPOWERMENT ZONES = 414

  REVIEW AND PRACTICE = 414

   SUMMARY = 414

   KEY CONCEPTS = 417

   QUESTIONS AND PROBLEMS = 417

 16 EDUCATION = 420

  THE STRUCTURE OF EDUCATION IN THE UNITED STATES = 423

   FEDERAL TAX SUBSIDIES TO PRIVATE AND PUBLIC SCHOOLS = 425

  WHY IS EDUCATION PUBLICLY PROVIDED AND PUBLICLY FINANCED? = 426

   IS THERE A MARKET FAILURE? = 426

   THE FEDERAL ROLE = 428

  ISSUES AND CONTROVERSIES IN EDUCATIONAL POLICY = 428

   EDUCATION OUTCOMES = 428

   DO EXPENDITURES MATTER? = 430

   SCHOOL VOUCHERS : CHOICE AND COMPETITION = 432

   VOUCHERS : THE SAN JOSE AND MILWAUKEE EXPERIMENTS = 436

   SCHOOL DECENTRALIZATION = 437

   PERFORMANCE STANDARDS AND GOALS 2000 = 438

   INEQUALITY = 439

  AID TO HIGHER EDUCATION = 441

  REVIEW AND PRACTICE = 442

   SUMMARY = 442

   KEY CONCEPTS = 444

   QUESTIONS AND PROBLEMS = 444

  APENDIX : HOW SHOULD PUBLIC EDUCATIONAL FUNDS BE ALLOCATED? = 446

PART FIVE TAXATION : THEORY = 449

 17 INTRODUCTION TO TAXATION = 451

  BACKGROUND = 452

   THE FORMS OF TAXATION = 453

   CHANGING PATTERNS OF TAXATION IN THE UNITED STATES = 455

   COMPARISONS WITH OTHER COUNTRIES = 456

  THE FIVE DESIRABLE CHARACTERISTICS OF ANY TAX SYSTEM = 456

   ECONOMIC EFFICIENCY = 458

   CORRECTIVE TAXES AND THE DOUBLE DIVIDEND = 464

   ADMINISTRATIVE COSTS = 464

   FLEXIBILITY = 466

   POLITICAL RESPONSIBILITY = 467

   FAIRNESS = 468

  GERNERAL FRAMEWORK FOR CHOOSING AMONG TAX SYSTEMS = 476

   UTILITARIANISM = 476

   RAWLSIAN SOCIAL WELFARE FUNCTION = 478

   LIMITATIONS OF THE SOCIAL WELFARE FUNCTION APPROACH = 478

   WHAT ECONOMISTS CAN CONTRIBUTE TO DISCUSSIONS OF FAIRNESS = 479

  REVIEW AND PRACTICE = 479

   SUMMARY = 479

   KEY CONCEPTS = 480

   QUESTIONS AND PROBLEMS = 480

 18 TAX INCIDENCE = 482

  TAX INCIDENCE IN COMPETITIVE MARKETS = 484

   EFFECT OF TAX AT THE LEVEL OF A FIRM = 484

   IMPACT ON MARKET EQUILIBRIUM = 486

   DOES IT MATTER WHETHER THE TAX IS LEVIED ON CONSUMERS OR ON PRODUCERS? = 487

   THE INCIDENCE OF GOVERNMENT BENEFITS = 488

   AD VALOREM VERSUS SPECIFIT TAXES = 488

   THE EFFECT OF ELASTICITY = 491

   TAXATION OF FACTORS = 493

   THE PHILADELPHIA WAGE TAX = 496

  TAX INCIDENCE OF ENVIRONMENTS WITHOUT PERFECT COMPETITION = 498

   RELATIONSHIP BETWEEN THE CHANGE IN THE PRICE AND THE TAX = 498

   AD VALOREM VERSUS SPECIFIC TAXES = 501

   TAX INCIDENCE IN OLIGOPOLIES = 501

  EQUIVALENT TAXES = 502

   INCOME TAX AND VALUE-ADDED TAX = 502

   EQUIVALENCE OF CONSUMPTION AND WAGE TAXES = 503

   EQUIVALENCE OF LIFETIME CONSUMPTION AND LIFETIME INCOME TAXES = 504

   A CAVEAT ON EQUIVALENCE = 505

  OTHER FACTORS AFFECTING TAX INCIDENCE = 505

   TAX INCIDENCE UNDER PARTIAL AND GENERAL EQUILIBRIUM = 506

   SHORT-RUN VERSUS LONG-RUN EFFECTS = 508

   OPEN VERSUS CLOSED ECONOMY = 508

   ASSOCIATED POLICY CHANGES = 508

  INCIDENCE OF TAXES IN THE UNITED STATES = 510

  REVIEW AND PRACTICE = 514

   SUMMARY = 514

   KEY CONCEPTS = 514

   QUESTIONS AND PROBLEMS = 515

  APPENDIX : COMPARISON OF THE EFFECTS OF AN AD VALOREM AND SPECIFIC COMMODITY TAX ON A MONOPOLIST = 515

 19 TAXATION AND ECONOMIC EFFICIENCY = 518

  EFFECT OF TAXES BORNE BY CONSUMERS = 519

   SUBSTITUTION AND INCOME EFFECTS = 520

  QUANTIFYING THE DISTORTIONS = 521

   MEASURING DEADWEIGHT LOSS USING INDIFFERENCE CURVES = 522

   MEASURING DEADWEIGHT LOSS USING COMPENSATED DEMAND CURVES = 524

   CALCULATING THE DEADWEIGHT LOSS = 527

  EFFECTS OF TAXES BORNE BY PRODUCERS = 529

   EFFECTS OF TAXES BORNE PARTLY BY CONSUMERS, PARTLY BY PRODUCERS = 531

  TAXATION OF SAVINGS = 532

   QUANTIFYING THE EFFECTS OF AN INTEREST INCOME TAX = 534

  TAXATION OF LABOR INCOME = 535

   EFFECTS OF PROGRESSIVE TAXATION = 537

   THE 1993 TAX REFORM = 540

   SECONDARY LABOR FORCE PARTICIPANTS = 540

  MEASURING THE EFFECTS OF TAXES ON LABOR SUPPLIED = 541

   STATISTICAL THECHNIQUES USING MARKET DATA = 542

   EXPERIMENTS = 544

  REVIEW AND PRACTICE = 547

   SUMMARY = 547

   KEY CONCEPTS = 548

   QUESTIONS AND PROBLEMS = 548

 20 OPTIMAL TAXATION = 550

  TWO FALLACIES OF OPTIMAL TAXATION = 551

   THE FALLACY OF COUNTING DISTORTIONS = 551

   MISINTERPRETATIONS OF THE THEORY OF THE SECOND BEST = 551

  OPTIMAL AND PARETO EFFICIENT TAXATION = 552

   LUMP-SUM TAXES = 552

   WHY IMPOSE DISTORTIONARY TAXES? = 553

   DESIGNING AN INCOME TAX SYSTEM = 553

   WHY DOES MORE PROGRESSIVITY IMPLY MORE DEADWEIGHT LOSS? = 554

   A DIAGRAMMATIC ANALYSIS OF THE DEADWEIGHT LOSS OF PROGRESSIVE TAXATION = 556

   CHOOSING AMONG FLAT-RATE TAX SCHEDULES = 557

   THE 1993 TAX INCREASE ON UPPER-INCOME INDIVIDUALS : A PARETO INEFFICIENT TAX? = 558

   GENERAL EQUILIBRIUM EFFECTS = 558

   FLAT-RATE TAXES ARRIVE ON THE POLITICAL SCENE = 560

   NONLINEAR TAX STRUCTURES = 560

  DIFFERENTIAL TAXATION = 562

   RAMSEY TAXES = 563

   DIFFERENTIAL COMMODITY TAXES IN ADVANCED COUNTRIES WITH PROGRESSIVE INCOME TAXES = 567

   INTEREST INCOME TAXATION AND COMMODITY TAXATION = 567

  TAXES ON PRODUCERS = 567

   THE DEPENDENCE OF OPTIMAL TAX STRUCTURE ON THE SET OF AVAILABLE TAXES = 570

  REVIEW AND PRACTICE = 571

   SUMMARY = 571

   KEY CONCEPTS = 571

   QUESTIONS AND PROBLEMS = 572

  APPENDIX A : DERIVING RAMSEY TAXES ON COMMODITIES = 572

  APPENDIX B : DERIVATION OF RAMSEY FORMULA FOR LINEAR DEMAND SCHEDULE = 574

 21 TAXATION OF CAPITAL = 577

  SHOULD CAPITAL BE TAXED? = 579

   RELATIONSHIP BETWEEN CONSUMPTION TAXES, A WAGE TAX, AND EXEMPTING CAPITAL INCOME FROM TAXATION = 579

   EQUITY ISSUES = 579

   EFFICIENCY ARGUMENTS = 580

   ADMINISTRATIVE PROBLEMS = 581

  EFFECTS ON SAVINGS AND INVESTMENT = 582

   EFFECTS OF REDUCED SAVINGS IN A CLOSED ECONOMY = 582

   THE DISTINCTION BETWEEN SAVINGS AND INVESTMENT = 583

   NATIONAL SAVINGS AND BUDGET NEUTRALITY = 584

   EFFECTS OF REDUCED SAVINGS IN AN OPEN ECONOMY = 587

  IMPACT ON RISK TAKING = 588

   WHY CAPITAL TAXATION WITH FULL LOSS DEDUCTIBILITY MAY INCREASE RISK TAKING = 589

   RISK TAKING AND THE 1993 TAX ACT = 590

   WHY CAPITAL TAXATION MAY REDUCE RISK TAKING = 590

  MEASURING CHANGES IN ASSET VALUES = 592

   CAPITAL GAINS = 593

   EQUITY AND THE 1997 REDUCTION IN CAPITAL GAINS TAXES = 594

   DISTORTIONS FROM DEPRECIATION = 596

   DEPRECIATION = 596

   NEUTRAL TAXATION = 597

   INFLATION = 597

  REVIEW AND PRACTICE = 601

   SUMMARY = 601

   KEY CONCEPTS = 602

   QUESTIONS AND PROBLEMS = 603

PART SIX TAXATION IN THE UNITED STATES = 605

 22 THE PERSONAL INCOME TAX = 607

  OUTLINE OF THE U.S. INCOME TAX = 608

   EFFECTIVE VERSUS ACTUAL TAX RATES = 611

   OTHER TAXES = 612

   A LOOPHOLE IN THE EARNED INCOME TAX CREDIT? = 614

  PRINCIPLES BEHIND THE U.S. INCOME TAX = 616

   THE INCOME-BASED PRINCIPLE AND THE HAIG-SIMONS DEFINITION = 616

   THE PROGRESSIVITY PRINCIPLE = 617

   THE FAMILY-BASED RINCIPLE = 618

   THE ANNUAL MEASURE OF INCOME PRINCIPLE = 621

  PRACTICAL PROBLEMS IN INPLEMENTING AN INCOME TAX SYSTEM = 622

   DETERMINING INCOME = 622

   TIMING = 627

   PERSONAL DEDUCTIONS = 627

   DEDUCTIONS VERSUS CREDITS = 634

  SPECIAL TREATMENT OF CAPITAL INCOME = 635

   HOUSING = 635

   SAVINGS FOR RETIREMENT = 636

   INTEREST ON STATE AND MUNICIPAL BONDS = 639

   CAPITAL GAINS = 640

  CONCLUDING COMMENTS = 641

  REVIEW AND PRACTICE = 642

   SUMMARY = 642

   KEY CONCEPTS = 643

   QUESTIONS AND PROBLEMS = 643

 23 THE CORPORATION INCOME TAX = 645

  THE BASIC FEATURES OF THE CORPORATION INCOME TAX = 647

  THE INCIDENCE OF THE CORPORATION INCOME TAX AND ITS EFFECT ON EFFICIENCY = 648

   THE CORPORATION INCOME TAX AS A TAX ON INCOME FROM CAPITAL IN THE CORPORATE SECTOR = 648

   SHIFTING OF THE CORPORATE TAX IN THE LONG RUN = 649

   THE CORPORATION TAX FOR A FIRM WITHOUT BORROWING CONSTRAINTS = 652

   THE INCIDENCE OF THE CORPORATION INCOME TAX WITH CREDIT-CONSTRAINED FIRMS = 653

   THE CORPORATION TAX AS A TAX ON MONOPOLY PROFITS = 654

   MANAGERIAL FIRMS : AN ALTERNATIVE PERSPECTIVE = 655

  DEPRECIATION = 659

  COMBINED EFFECTS OF INDIVIDUAL AND CORPORATE INCOME TAX = 661

   DISTRIBUTING FUNDS : THE BASIC PRINCIPLES = 661

   THE DIVIDEND PARADOX = 663

   MERGERS, ACQUISITIONS, AND SHARE REPURCHASES = 664

   DOES THE CORPORATE TAX BIAS FIRMS TOWARD DEBT FINANCE? = 665

   DISTORTIONS IN ORGANIZATIONAL FORM ARISING BECAUSE SOME FIRMS DO NOT HAVE TAXABLE INCOME = 666

   ARE CORPORATIONS TAX PREFERRED? = 667

   CALCULATING EFFECTIVE TAX RATES = 668

   THE PROPOSED MARGINAL INVESTMENT TAX CREDIT OF 1993 : AN IDEA BEFORE ITS TIME? = 670

  THE CORPORATION TAX AS ECONOMIC POLICY = 670

  TAXATION OF MULTINATIONALS = 672

  SHOULD THERE BE A CORPORATION INCOME TAX? = 673

   INTEGRATION OF THE CORPORATE AND INDIVIDUAL INCOME TAX = 673

   WHY IS THERE A CORPORATE INCOME TAX AT ALL? = 674

  REVIEW AND PRACTICE = 674

   SUMMARY = 674

   KEY CONCEPTS = 675

   QUESTIONS AND PROBLEMS = 676

 24 A STUDENT'S GUIDE TO TAX AVOIDANCE = 678

  PRINCIPLES OF TAX AVOIDANCE = 679

   POSTPONEMENT OF TAXES = 679

   SHIFTING AND TAX ARBITRAGE = 680

   SHORTING AGAINST THE BOX = 682

  TAX SHELTERS = 684

   WHO GAINS FROM TAX SHELTERS = 684

   THE ECONOMICS OF TAX AVOIDANCE = 686

   MIDDLE-CLASS TAX SHELTERS = 687

  TAX REFORM AND TAX AVOIDANCE = 687

   THE 1986 TAX REFORM = 688

   MINIMUM TAX ON INDIVIDUALS = 689

   THE 1993 AND 1997 TAX ACTS = 689

  EQUITY, EFFICIENCY, AND TAX REFORM = 690

  REVIEW AND PRACTICE = 690

   SUMMARY = 690

   KEY CONCEPTS = 691

   QUESTIONS AND PROBLEMS = 691

 25 REFORM OF THE TAX SYSTEM = 693

  FAIRNESS = 695

   HORIZONTAL EQUITY ISSUES = 695

   VERTICAL EQUITY = 696

  EFFICIENCY = 698

   MARGINAL TAX RATES AND THE 1986 TAX REFORM = 700

   BASE BROADENING = 702

  SIMPLIFYING THE TAX CODE AND REDUCING ADMINISTRATIVE COSTS = 704

   ASSESSING COMPLEXITY = 704

   INCREASING COMPLIANCE = 705

   REDUCING TAX AVOIDANCE = 707

   REDUCING ADMINISTRATIVE COSTS = 708

   SOURCES OF COMPLEXITY = 708

   THE 1986 TAX REFORM = 709

   GRADING THE 1986 TAX REFORM ACT = 710

  TRANSITION ISSUES AND THE POLITICS OF TAX REFORM = 711

  TAX REFORMS FOR THE TWENTY-FIRST CENTURY = 714

   REFORMS WITHIN THE CURRENT FRAMEWORK = 714

   MAJOR NEW REFORMS = 715

   ORDINARY INCOME VERSUS CAPITAL GAINS = 718

   ENERGY AND ENVIRONMENTAL TAXES = 718

   IRAS AND NATIONAL SAVINGS = 720

  REVIEW AND PRACTICE = 722

   SUMMARY = 722

   KEY CONCEPTS = 723

   QUESTIONS AND PROBLEMS = 723

PART SEVEN FURTHER ISSUES = 725

 26 FISCAL FEDERALISM = 727

  THE DIVISION OF RESPONSIBILITIES = 728

   OTHER INTERACTION BETWEEN THE FEDERAL GOVERNMENT AND THE STATE AND LOCAL GOVERNMENTS = 730

   THE SIZE OF FINANCIAL TRANSFERS = 731

   UNFUNDED MANDATES = 732

  PRINCIPLES OF FISCAL FEDERALISM = 732

   NATIONAL PUBLIC GOODS VERSUS LOCAL PUBLIC GOODS = 733

   INTERNATIONAL PUBLIC GOODS = 734

   DO LOCAL COMMUNITIES PROVIDE LOCAL PUBLIC GOODS EFFICIENTLY? = 734

   TIEBOUT HYPOTHESIS = 735

   MARKET FAILURES = 737

   REDISTRIBUTION = 739

   OTHER ARGUMENTS FOR LOCAL PROVISION = 742

  PRODUCTION VERSUS FINANCE = 742

   EFFECTIVENESS OF FEDERAL CATEGORICAL AID TO LOCAL COMMUNITIES = 743

   THE FEDERAL TAX SYSTEM AND LOCAL EXPENDITURES = 748

  REVIEW AND PRACTICE = 750

   SUMMARY = 750

   KEY CONCEPTS = 751

   QUESTIONS AND PROBLEMS = 751

 27 STATE AND LOCAL TAXES AND EXPENDITURES = 754

  TAX INCIDENCE APPLIED TO LOCAL PUBLIC FINANCE = 755

   LOCAL CAPITAL TAXES = 755

   THE PROPERTY TAX = 756

   INCOME, WAGE, AND SALES TAXES = 756

   DISTORTIONS = 757

   LIMITATIONS ON THE ABILITY TO REDISTRIBUTE INCOME = 757

   RENT CONTROL = 758

  CAPITALIZATION = 758

   INCENTIVES FOR PENSION SCHEMES = 760

   CHOICE OF DEBT VERSUS TAX FINANCING = 760

   SHORT-RUN VERSUS LONG-RUN CAPITALIZATION = 761

   WHO BENEFITS FROM LOCAL PUBLIC GOODS? THE CAPITALIZATION HYPOTHESIS = 761

   ABSOLUTE VERSUS RELATIVE CAPITALIZATION = 762

   THE USE OF CHANGES IN LAND RENTS TO MEASURE BENEFITS = 762

   TESTING THE CAPITALIZATION HYPOTHESIS = 763

  PUBLIC CHOICE AT THE LOCAL LEVEL = 764

   PROPOSITION 13 = 766

  PROBLEMS OF MULTI-JURISDICTIONAL TAXATION = 768

  REVIEW AND PRACTICE = 769

   SUMMARY = 769

   KEY CONCEPTS = 770

   QUESTIONS AND PROBLEMS = 770

 28 DEFICIT FINANCE = 772

  THE U.S. DEFICIT PROBLEM SINCE THE 1980s = 773

   SOURCES OF THE DEFICIT PROBLEM = 775

   MEASURING BUDGET DEFICITS : WHAT'S LARGE, WHAT'S REAL, AND WHAT'S RIGHT? = 776

   FACTORS NOT CONTRIBUTING TO THE DEFICIT PROBLEM = 777

   TAMING THE DEFICIT = 778

  CONSEQUENCES OF GOVERNMENT DEFICITS = 782

   HOW DEFICITS AFFECT FUTURE GENERATIONS = 783

   ALTERNATIVE PERSPECTIVES ON THE BURDEN OF THE DEBT = 784

   SCORING THE CLINTON DEFICIT REDUCTION PACKAGE = 786

  IMPROVING THE BUDGETARY PROCESS = 787

   BUDGET ENFORCEMENT ACT AND SCORING = 787

   CAPITAL BUDGETS = 788

   OTHER STRATEGIES = 788

  THE LOGN-TERM PROBLEM : ENTITLEMENTS AND THE AGED = 789

  REVIEW AND PRACTICE = 789

   SUMMARY = 789

   KEY CONCEPTS = 790

   QUESTIONS AND PROBLEMS = 790



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