The Foundations of Economic Policy: Values and Techniques - Hardcover

Acocella, Nicola

Hardcover

ISBN 10: 0521584078 ISBN 13: 9780521584074

Publisher: Cambridge University Press, 1998

Synopsis

Recent developments in public economics have largely been in the direction of reaffirming the limits of the market and of establishing new ones. The possible existence of fundamental non-convexities, imperfect and asymmetric information, incentive compatibility, imperfect competition, strategic complementarity, and scale economies led to the conclusion that a large set of market failures exist; such situations also imply government failure. Acocella, considers this complicated picture and provides a discussion of the different approaches to establishing social 'rankings' of the possible situations and the underlying principles. The arguments for and against different institutions are then analysed at a micro and macroeconomic level. The market and the government are recognised as imperfect, and thus complementary, institutions. Specific policy targets and instruments are considered in the areas of micro and macro-economic policy. Special attention is devoted to questions of policy management in an open economy. Finally, problems of domestic and international policy co-ordination are considered.

About this title

Review

'Professor Nicola Acocella has provided an illuminating and challenging account of the foundations of economic policy. His analysis covers the established ground as well as providing new departures, the book is a rich addition to the existing literature.' Amartya Sen, Trinity College, Cambridge

Book Description

The persistence of market failures and the full range of issues connected to public intervention and regulation, presented in impressive scope with coverage in both technical and intuitive terms.

Edition details

• Publisher: Cambridge University Press
• Publication date: 1998
• Language: English
• ISBN 10: 0521584078
• ISBN 13: 9780521584074
• Binding: Hardcover
• Edition number: 1
• Number of pages: 539