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This book has been divided into four parts. Part I starts with an enunciation of a basic problem in welfare economics i.e., defining the Pareto frontier, choosing a point on it and devising adequate mechanism to reach this point. The role of market in reaching Pareto efficient allocation of resources has been discussed. It further articulates an indepth analysis of the effects of uncertainty and external factors on the efficacy of the market mechanism. In this part author has also taken up the problems of allocation of public good, the free-rider problems, demand revealing incentives, compatible allocative mechanism and some voting models of public goods. The author further elaborates social welfare function, arrows impossibility theorem and related results, the utilitarian, neo-utilitarian and Rawlsian norms of justice. Part II studies the incentives, effects of taxes on labour supply, savings, risk-taking and investment. It further studies standard incidence theory in a static two sector model of general equilibrium, tax incidence in growing economics, the incentive effects of taxes in the presence of inflation and taxation of exhaustible resources. The author has also taken up the issues of direct/indirect tax controversy, the problem of optimal mix of direct and indirect taxes as well as the problem of optimal taxation in static economics. Part III considers macrofiscal policy typified by the works of Blinder, Solow, Turnovsky, Tobin and others. It also explains cost-benefit analysis and the problems of pricing the output of the public sector. Part IV analyses the problems of public economics in the Indian context. It further studies direct and indirect tax structure, recent policy issues, a review of centre-state relations and the public sector in India.
The book has been primarily written as a text for the postgraduate students of Indian Universities. It is also very useful for honours and research students. ISBN - 9788122427691
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Pages : 490
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