By Alan J. Auerbach, Raj Chetty, Martin Feldstein, Emmanuel Saez
In the Handbook of Public Economics, vol. 5, most sensible students offer context and order to new examine approximately mechanisms that underlie either public finance theories and functions. those primary matters keep on with the new, regular flow clear of rational decision-making and towards extra custom-made methods to tax iteration and expenditure, specially when it comes to using mental tools and fiscal incentives. heavily scrutinized topics comprise new study in empirical (instead of theoretical) public finance, the tools for measuring taxes (both in profit new release and expenditure), and the jobs that taxes play in particular settings, similar to rising economies, city settings, charitable giving, and between political entities (cities, counties, states, countries). participants examine either the "tax" and "expenditure" aspects of public finance, emphasizing contemporary impacts that psychology and philosophy have exerted in economics with articles on behavioral finance, charitable giving, and dynamic taxation. To a box having fun with fast development, their articles convey context and order, illuminating the mechanisms that underlie either public finance theories and applications.
- Editor Raj Chetty is the recipient of the 2013 John Bates Clark Medal from the yank fiscal Association
- Focuses on new ways to either profit new release and costs in public finance
- Presents coherent summaries of topics in public economics that extend from methodologies to applications
- Makes information about public economics available to students in fields outdoor economics
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Extra resources for Handbook of Public Economics, Volume 1 (Handbooks in Economics)
3) Much attention has been given to the analysis of local public goods and the implications of spatial benefit limitation [Tiebout (1956)]. Based on Tiebout’s hypothesis of voting by feet, the feasibility of Tiebout equilibria has been examined and tested in empirical work [Oates (1972)l. A theory of fiscal federalism based on a theory of clubs [Buchanan (1965)l was developed. (4) Empirical research has been directed at estimating expenditure functions for government, based on the hypothesis that the political process approximates the preferences of consumers as expressed by their voting behavior.
132) suggests that progression be applied via the income tax, supported perhaps by some luxury taxation. He thus stresses the importance of taste differentials, a factor destined to be largely neglected by the optimal taxation to follow fifty years later. W h l e the contributions of Pigou and Ramsey laid the basis for the modern theory of optimal taxation, its current formulation was slow in coming. The first major contribution, following Pigou (but evidently unaware of Pigou’s and Ramsey’s writing) was that of Hotelling (1938).
I : A Brief History of Fiscal Doctrine 21 But the issue of distribution proved too basic to be excluded from economics forever, and the distribution of the tax burden proved too central a part of Public Finance to be permanently expunged from its books. Distributional considerations soon reentered via a social welfare function [Bergson (1938)]. Assuming the shape of such a function to be agreed upon by society, it was then applied to determine the “bliss point” on the utility frontier [Samuelson (1954)].