Economics of the public sector

Professor Stiglitz builds on the book's classic strengths: an integrated approach to public economics, a readable and inviting style, and careful attention to real-world problems and applications.

Author Notes

Joseph Stiglitz is professor of economics at Columbia University.

Preface	p. xix
Part 1 Introduction	p. 3
1 The Public Sector in a Mixed Economy	p. 3
The Economic Role of Government	p. 4
What or Who is the Government?	p. 12
Thinking Like a Public Sector Economist	p. 14
Disagreements Among Economists	p. 20
Review and Practice	p. 22
2 The Public Sector in the United States	p. 26
Types of Government Activity	p. 27
Gauging the Size of the Public Sector	p. 39
Government Revenues	p. 43
Deficit Financing	p. 47
Playing Tricks With the Data on Government Activities	p. 47
Review and Practice	p. 50
Part 2 Fundamentals of Welfare Economics	p. 53
3 Market Efficiency	p. 55
The Invisible Hand of Competitive Markets	p. 55
Welfare Economics and Pareto Efficiency	p. 57
Analyzing Economic Efficiency	p. 63
Review and Practice	p. 73
4 Market Failure	p. 76
Property Rights and Contract Enforcement	p. 77
Market Failures and the Role of Government	p. 77
Redistribution and Merit Goods	p. 85
Two Perspectives on the Role of Government	p. 88
Review and Practice	p. 90
5 Efficiency and Equity	p. 93
Efficiency and Distribution Trade-Offs	p. 94
Analyzing Social Choices	p. 94
Social Choices in Practice	p. 104
Three Approaches to Social Choices	p. 114
Review and Practice	p. 117
Appendix Alternative Measures of Inequality	p. 120
The Lorenz Curve	p. 120
The Dalton-Atkinson Measure	p. 122
Part 3 Public Expenditure Theory	p. 125
6 Public Goods and Publicly Provided Private Goods	p. 127
Public Goods	p. 128
Publicly Provided Private Goods	p. 136
Efficiency Conditions for Public Goods	p. 141
Efficient Government as a Public Good	p. 149
Review and Practice	p. 150
Appendix A The Leftover Curve	p. 152
Appendix B Measuring the Welfare Cost of user Fees	p. 154
7 Public Choice	p. 156
Public Mechanisms for Allocating Resources	p. 157
Alternatives for Determining Public Goods Expenditures	p. 174
Politics and Economics	p. 177
Review and Practice	p. 182
Appendix New Preference-Revelation Mechanisms	p. 185
8 Public Production and Bureaucracy	p. 189
Natural Monopoly: Public Production of Private Goods	p. 190
Comparison of Efficiency in the Public and Private Sectors	p. 198
Sources of Inefficiency in the Public Sector	p. 200
Corporatization	p. 206
A Growing Consensus on Government's Role in Production	p. 208
Review and Practice	p. 210
9 Externalities and the Environment	p. 214
The Problem of Externalities	p. 215
Private Solutions to Externalities	p. 217
Public Sector Solutions to Externalities	p. 223
Protecting the Environment: the Role of Government in Practice	p. 234
Review and Practice	p. 240
Part 4 Expenditure Programs	p. 245
10 The Analysis of Expenditure Policy	p. 247
Need for Program	p. 248
Market Failures	p. 249
Alternative Forms of Government Intervention	p. 250
The Importance of Particular Design Features	p. 252
Private Sector Responses to Government Programs	p. 253
Efficiency Consequences	p. 254
Distributional Consequences	p. 258
Equity-Efficiency Trade-Offs	p. 264
Public Policy Objectives	p. 266
Political Process	p. 267
Review and Practice	p. 268
11 Cost-Benefit Analysis	p. 271
Private Cost-Benefit Analysis	p. 272
Social Cost-Benefit Analysis	p. 274
Consumer Surplus and the Decision to Undertake a Project	p. 275
Measuring Non-Monetized Costs and Benefits	p. 278
Shadow Prices and Market Prices	p. 283
Discount Rate for Social Cost-Benefit Analysis	p. 284
The Evaluation of Risk	p. 289
Distributional Considerations	p. 292
Cost Effectiveness	p. 293
Review and Practice	p. 297
12 Health Care	p. 300
The Health Care System in the United States	p. 304
Rationale For a Role of Government in the Health Care Sector	p. 308
Reforming Health Care	p. 322
Review and Practice	p. 328
13 Defense and Technology	p. 331
Defense Expenditures	p. 333
Increasing the Efficiency of the Defense Department	p. 338
Defense Conversion	p. 341
Technology	p. 342
Review and Practice	p. 350
14 Social Insurance	p. 353
The Social Security System	p. 356
Social Security, Private Insurance, and Market Failures	p. 358
Should Social Security be Reformed?	p. 363
Reforming Social Security	p. 374
Review and Practice	p. 381
15 Welfare Programs and the Redistribution of Income	p. 385
A Brief Description of Major U.S. Welfare Programs	p. 386
Rationale for Government Welfare Programs	p. 391
Analytic Issues	p. 393
Welfare Reform: Integration of Programs	p. 406
The Welfare Reform Bill of 1996	p. 408
Concluding Remarks	p. 413
Review and Practice	p. 414
16 Education	p. 420
The Structure of Education in the United States	p. 423
Why is Education Publicly Provided and Publicly Financed?	p. 426
Issues and Controversies in Educational Policy	p. 428
Aid to Higher Education	p. 441
Review and Practice	p. 442
Appendix How Should Public Educational Funds be Allocated?	p. 446
Part 5 Taxation: Theory	p. 449
17 Introduction to Taxation	p. 451
Background	p. 452
The Five Desirable Characteristics of any Tax System	p. 456
General Framework for Choosing Among Tax Systems	p. 476
Review and Practice	p. 479
18 Tax Incidence	p. 482
Tax Incidence in Competitive Markets	p. 484
Tax Incidence of Environments Without Perfect Competition	p. 498
Equivalent Taxes	p. 502
Other Factors Affecting Tax Incidence	p. 505
Incidence of Taxes in the United States	p. 510
Review and Practice	p. 514
Appendix Comparison of the Effects of an Ad Valorem and Specific Commodity Tax on a Monopolist	p. 515
19 Taxation and Economic Efficiency	p. 518
Effect of Taxes Borne by Consumers	p. 519
Quantifying the Distortions	p. 521
Effects of Taxes Borne by Producers	p. 529
Taxation of Savings	p. 532
Taxation of Labor Income	p. 535
Measuring the Effects of Taxes on Labor Supplied	p. 541
Review and Practice	p. 547
20 Optimal Taxation	p. 550
Two Fallacies of Optimal Taxation	p. 551
Optimal and Pareto Efficient Taxation	p. 552
Differential Taxation	p. 562
Taxes on Producers	p. 567
Review and Practice	p. 571
Appendix A Deriving Ramsey Taxes on Commodities	p. 572
Appendix B Derivation of Ramsey Formula for Linear Demand Schedule	p. 574
21 Taxation of Capital	p. 577
Should Capital be Taxed?	p. 579
Effects on Savings and Investment	p. 582
Impact on Risk Taking	p. 588
Measuring Changes in Asset Values	p. 592
Review and Practice	p. 601
Part 6 Taxation in the United States	p. 605
22 The Personal Income Tax	p. 607
Outline of the U.S. Income Tax	p. 608
Principles Behind the U.S. Income Tax	p. 616
Practical Problems in Implementing an Income Tax System	p. 622
Special Treatment of Capital Income	p. 635
Concluding Comments	p. 641
Review and Practice	p. 642
23 The Corporation Income Tax	p. 645
The Basic Features of the Corporation Income Tax	p. 647
The Incidence of the Corporation Income Tax and its Effect on Efficiency	p. 648
Depreciation	p. 659
Combined Effects of Individual and Corporate Income Tax	p. 661
The Corporation Tax as Economic Policy	p. 670
Taxation of Multinationals	p. 672
Should There be a Corporation Income Tax?	p. 673
Review and Practice	p. 674
24 A Student's Guide to Tax Avoidance	p. 678
Principles of Tax Avoidance	p. 679
Tax Shelters	p. 684
Tax Reform and Tax Avoidance	p. 687
Equity, Efficiency, and Tax Reform	p. 690
Review and Practice	p. 690
25 Reform of the Tax System	p. 693
Fairness	p. 695
Efficiency	p. 698
Simplifying the Tax Code and Reducing Administrative Costs	p. 704
Transition Issues and the Politics of Tax Reform	p. 711
Tax Reforms for the Twenty-First Century	p. 714
Review and Practice	p. 722
Part 7 Further Issues	p. 725
26 Fiscal Federalism	p. 727
The Division of Responsibilities	p. 728
Principles of Fiscal Federalism	p. 732
Production Versus Finance	p. 742
Review and Practice	p. 750
27 State and Local Taxes and Expenditures	p. 754
Tax Incidence Applied to Local Public Finance	p. 755
Capitalization	p. 758
Public Choice at the Local Level	p. 764
Problems of Multi-Jurisdictional Taxation	p. 768
Review and Practice	p. 769
28 Deficit Finance	p. 772
The U.S. Deficit Problem Since the 1980s	p. 773
Consequences of Government Deficits	p. 782
Improving the Budgetary Process	p. 787
The Long-Term Problem: Entitlements and the Aged	p. 789
Review and Practice	p. 789

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