By John Leach
Protecting middle issues that discover the government's position within the economic system, this textbook is meant for 3rd or fourth 12 months undergraduate scholars and primary yr graduate scholars. It comprises markets, externalities, public items, imperfect festival, uneven details and potency, and uneven info and source of revenue redistribution. a data of intermediate microeconomics and simple calculus is thought. each one bankruptcy includes workouts on the finish, whose suggestions can be found to teachers. teachers' source web page: http://socserv.mcmaster.ca/leach/
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Extra resources for A course in public economics
Governments are also involved in the provision of some kinds of private goods, that is, goods that are completely rivalrous in consumption or nearly so. Among the private goods commonly provided by governments are health care, education, and housing. A government might provide these goods to correct a market failure. 5 The Role of the Government 13 information, and a government might believe that it can achieve a better allocation of these goods if it provides them itself. More commonly, however, a government which provides private goods is responding to a failure of the second theorem rather than the first.
These considerations suggest that the government’s actions won’t result in the best of all possible worlds – but they can improve on the one that we would have in the absence of government. 14 Markets The fundamental task of every economic system is to determine which goods are produced, how they are produced, and who gets them. Economists believe that a system of competitive markets tends to perform this task both cheaply and reasonably well. They recognize, however, that there are some situations in which competition generates unsatisfactory outcomes.
Since two curves have the same slope at any point of tangency, the efficiency locus also consists of all of the points at which George’s and Harriet’s indifference curves have the same slope. Equivalently, it consists of all the points at which M R SG = M R S H where M R SG and M R S H are George’s and Harriet’s marginal rates of substitution. 3 COMPETITIVE EQUILIBRIUM Economists use the concept of competitive equilibrium to describe the consequences of trading in competitive markets. They imagine a system of markets with these properties: • Each good is traded in a single market.
A course in public economics by John Leach