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'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, Trinity College, Cambridge
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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.
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The reader about to embark on the study of economic policy will very probably already be familiar with the principles of economic analysis, and it is to this discipline that we will turn to introduce our subject. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
The reader about to embark on the study of economic policy will very probably already be familiar with the principles of economic analysis, and it is to this discipline that we will turn to introduce our subject. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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20 Feb 2009
Format:Hardcover
This is an enormously helpful introduction to the conduct of capitalist economic policy. It walks the difficult line between the clarity of its presentation and the complexity of its subject with precision. As someone pretty well-informed on most of the topics (as part of my work), I nonetheless often turn to it to help clarify certain technical points without having to wade through a lot of formulae. He does include some very basic formal models, but even if these are not your comfort zone, the book is still worthwhile. If you are moderately comfortable with economic terminology, and want to understand the basics of subjects like central bank operations, exchange rate regimes, or social choice theory, then you would be hard-pressed to find a better way in to the concepts. The book takes a decidedly liberal view of the world (you will not find any help understanding radical polical economy here, unfortunately), but if you want to get a feel for how most wealthy nations operate their economic policy today (at least in "normal" times), this is excellent. The only major problem is the price. Too high.
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