The Foundations of Economic Policy: Values and Techniques

Paperback / softback

Main Details

Title The Foundations of Economic Policy: Values and Techniques
Authors and Contributors      By (author) Nicola Acocella
Translated by Brendan Jones
Physical Properties
Format:Paperback / softback
Pages:540
Dimensions(mm): Height 244,Width 170
Category/GenreEconomic theory and philosophy
Political economy
ISBN/Barcode 9780521586382
ClassificationsDewey:338.9
Audience
Professional & Vocational
Tertiary Education (US: College)
Illustrations 29 Tables, unspecified

Publishing Details

Publisher Cambridge University Press
Imprint Cambridge University Press
Publication Date 1 October 1998
Publication Country United Kingdom

Description

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.

Reviews

'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, Master of Trinity College, Cambridge