Public Economics Tutorial (Photocopy Edition)

Author: John Leach
Publisher:
Publish Date: 2005-01-06
Features: This book discusses the two fundamental theorems of welfare economics in part. These two fundamental theorems demonstrate that competitive markets can lead to socially satisfactory outcomes and describe the necessary conditions. The second part of the book discusses the types of market failures that arise when these conditions are not met—externalities, public goods, imperfect competition, and information asymmetry. It examines the role of government in addressing market failures and also investigates the limitations of government behavior, particularly those arising from information asymmetry. Teachers using this book as a textbook can access additional teaching resources, including solutions to the end-of-chapter exercises. These materials can be obtained through the following website: www.socsci.mcmaster.ca/leach