Public Finance

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ISBN: 9780256028133 | 0256028133
Cover: Hardcover
Copyright: 6/1/1985

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"Public Finance"--while continuing to follow an innovative approach that is both theoretical and empirical--is now completely updated to reflect major changes in its key topics. New or revised information includes explanations of the Social Security trust fund, a new section on the alternative minimum tax (AMT), possible links between the corporation tax and high-profile scandals such as Enron, and more.. .

Getting Started
Introduction	p. 3
Public Finance and Ideology	p. 4
Government at a Glance	p. 7
Summary	p. 16
Discussion Questions	p. 17
Selected References	p. 18
Doing Research in Public Finance	p. 18
Tools of Positive Analysis	p. 20
The Role of Theory	p. 21
Methods of Empirical Analysis	p. 24
Concluding Remarks	p. 30
Summary	p. 31
Discussion Questions	p. 31
Selected References	p. 32
Tools of Normative Analysis	p. 33
Welfare Economics	p. 33
The First Fundamental Theorem of Welfare Economics	p. 41
Fairness and the Second Fundamental Theorem of Welfare Economics	p. 42
Market Failure	p. 46
Buying into Welfare Economics	p. 48
Summary	p. 50
Discussion Questions	p. 50
Selected References	p. 52
Analysis of Public Expenditure
Public Goods	p. 55
Public Goods Defined	p. 55
Efficient Provision of Public Goods	p. 58
The Privatization Debate	p. 65
Education	p. 70
Public Goods and Public Choice	p. 76
Summary	p. 76
Discussion Questions	p. 77
Selected References	p. 78
Preference Revelation Mechanisms	p. 79
Externalities	p. 81
The Nature of Externalities	p. 82
Graphical Analysis	p. 84
Private Responses	p. 88
Public Responses to Externalities	p. 92
The US Response	p. 99
Implications for Income Distribution	p. 101
Positive Externalities	p. 103
Summary	p. 107
Discussion Questions	p. 107
Selected References	p. 110
Political Economy	p. 111
Direct Democracy	p. 112
Representative Democracy	p. 122
Explaining Government Growth	p. 133
Summary	p. 140
Discussion Questions	p. 141
Selected References	p. 142
Income Redistribution: Conceptual Issues	p. 143
Distribution of Income	p. 144
Rationales for Income Redistribution	p. 148
Expenditure Incidence	p. 156
Conclusion	p. 162
Summary	p. 162
Discussion Questions	p. 163
Selected References	p. 164
Expenditure Programs for the Poor	p. 165
A Quick Look at Welfare Spending	p. 165
TANF	p. 166
Income Maintenance and Work Incentives	p. 167
The Earned Income Tax Credit	p. 176
Supplemental Security Income	p. 178
Medicaid	p. 178
Food Stamps and Child Nutrition	p. 181
Housing Assistance	p. 182
Programs to Enhance Earnings	p. 184
Overview	p. 185
Summary	p. 188
Discussion Questions	p. 188
Selected References	p. 190
Social Insurance I: Social Security and Unemployment Insurance	p. 191
Why Have Social Insurance?	p. 192
Structure of Social Security	p. 194
Effects on Economic Behavior	p. 203
Long-Term Stresses on Social Security	p. 206
Social Security Reform	p. 207
Unemployment Insurance	p. 210
Conclusions	p. 213
Summary	p. 213
Discussion Questions	p. 214
Selected References	p. 215
Social Insurance II: Health Care	p. 216
What's Special About Health Care?	p. 216
The US Health Care Market	p. 219
The Role of Government	p. 222
The Twin Issues: Access and Cost	p. 228
New Directions for Government's Role in Health Care	p. 233
Summary	p. 236
Discussion Questions	p. 237
Selected References	p. 238
Cost-Benefit Analysis	p. 239
Present Value	p. 240
Private Sector Project Evaluation	p. 243
Discount Rate for Government Projects	p. 247
Valuing Public Benefits and Costs	p. 250
Games Cost-Benefit Analysts Play	p. 257
Distributional Considerations	p. 258
Uncertainty	p. 260
An Application: Are Reductions in Class Size Worth It?	p. 261
Use (and Nonuse) by Government	p. 263
Summary	p. 265
Discussion Questions	p. 265
Selected References	p. 267
Calculating the Certainty Equivalent Value	p. 267
A Framework for Tax Analysis
Taxation and Income Distribution	p. 273
Tax Incidence: General Remarks	p. 274
Partial Equilibrium Models	p. 278
General Equilibrium Models	p. 292
Conclusions	p. 300
Summary	p. 300
Discussion Questions	p. 301
Selected References	p. 303
Taxation and Efficiency	p. 304
Excess Burden Defined	p. 305
Excess Burden Measurement with Demand Curves	p. 313
Differential Taxation of Inputs	p. 321
Does Efficient Taxation Matter?	p. 324
Summary	p. 324
Discussion Questions	p. 325
Selected References	p. 326
Formula for Excess Burden	p. 326
Multiple Taxes and the Theory of the Second Best	p. 327
Efficient and Equitable Taxation	p. 329
Optimal Commodity Taxation	p. 329
Optimal User Fees	p. 336
Optimal Income Taxation	p. 339
Politics and the Time Inconsistency Problem	p. 343
Other Criteria for Tax Design	p. 344
Overview	p. 354
Summary	p. 354
Discussion Questions	p. 355
Selected References	p. 356
The United States Revenue System
The Personal Income Tax	p. 359
Basic Structure	p. 359
Defining Income	p. 361
Excludable Forms of Money Income	p. 364
Exemptions and Deductions	p. 370
Rate Structure	p. 380
Taxes and Inflation	p. 385
The Alternative Minimum Tax (AMT)	p. 388
Choice of Unit and the Marriage Tax	p. 390
Treatment of International Income	p. 394
State Income Taxes	p. 395
Politics and Tax Reform	p. 396
Summary	p. 397
Discussion Questions	p. 398
Selected References	p. 400
Personal Taxation and Behavior	p. 401
Labor Supply	p. 402
Saving	p. 411
Housing Decisions	p. 421
Portfolio Composition	p. 424
A Note on Politics and Elasticities	p. 425
Summary	p. 426
Discussion Questions	p. 426
Selected References	p. 427
The Corporation Tax	p. 428
Why Tax Corporations?	p. 428
Structure	p. 429
Incidence and Excess Burden	p. 434
Effects on Behavior	p. 437
State Corporation Taxes	p. 444
Taxation of Multinational Corporations	p. 445
Corporation Tax Reform	p. 449
Summary	p. 452
Discussion Questions	p. 453
Selected References	p. 454
Deficit Finance	p. 455
How Big Is the Debt?	p. 455
The Burden of the Debt	p. 461
To Tax or to Borrow?	p. 466
Overview	p. 470
Summary	p. 471
Discussion Questions	p. 471
Selected References	p. 472
Taxes on Consumption and Wealth	p. 473
Retail Sales Tax	p. 473
Value-Added Tax	p. 478
Hall-Rabushka Flat Tax	p. 482
Cash-Flow Tax	p. 483
Efficiency and Fairness of Personal Consumption Taxes	p. 484
Income versus Consumption Taxation	p. 487
Wealth Taxes	p. 491
Estate and Gift Taxes	p. 492
Summary	p. 499
Discussion Questions	p. 500
Selected References	p. 501
Multigovernment Public Finance
Public Finance in a Federal System	p. 505
Background	p. 506
Community Formation	p. 507
The Tiebout Model	p. 508
Optimal Federalism	p. 512
Property Tax	p. 521
Intergovernmental Grants	p. 530
Overview	p. 539
Summary	p. 539
Discussion Questions	p. 540
Selected References	p. 541
Some Basic Microeconomics	p. 542
Glossary	p. 567
References	p. 577
Author Index	p. 595
Subject Index	p. 599
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