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Fuguitt and Wilcox skillfully guide analysts, public sector managers, and students of decision-making through a full range of the essential steps to perform, interpret, and assess cost-benefit analysis. Their book shows how to grasp the principles of cost-benefit analysis and several related economic valuation methods, how to apply them in undertaking an objective analysis, and how to use the analysis as a decision-making tool across a wide range of fields and applications. An extensive knowledge of economic theory, calculus or advanced graphical analysis is not needed to understand the principles or techniques. Accessible to those who understand basic algebra and have a beginner's hold on statistics, the book also provides a bridge to the more advanced literature in economics and to other analyses used to perform sophisticated valuations. A unique, much-needed presentation of all that is required to gain an immediate, useful understanding of the topic.
The authors explain basic economic concepts and show how they are relevant to understanding an analytical approach. They enumerate principles and detail such technical components as with and without analysis, discounting, decision criteria and uncertainty assessment. The book provides especially extensive coverage of the contingent valuation method along with market valuation, the travel cost and property value methods, human life valuation, and cost-effectiveness analysis. They explain empirical methods used to perform these valuation techniques and cover survey and regression analysis as well. Most importantly, Fuguitt and Wilcox treat the topic within its real-world context--as a decision-making tool to assess a particular policy's efficiency and to provide the decision maker with necessary information. Trade-offs between efficiency and other policy objectives are also addressed, as is the interdisciplinary setting within which cost-benefit analysis is interpreted, enabling readers to understand that policy advocates and adversaries bring their own values and competing interests to bear on any decision-making process.
This innovative book proposes a new institutional arrangement for government to fulfil the needs of its citizens as well as possible. Existing aspects of federalism and direct democracy in Europe are strengthened, and as a result future developments arising in the region are coped with better. In this book Bruno Frey and Reiner Eichenberger propose a new model of federalism which includes new types of governmental units established by citizens from below. These units are called functional, overlapping and competing jurisdictions as they extend over task-specific areas and therefore overlap. They also provide competitive governance via direct and representative democratic institutions, and as jurisdictions they have independent power over taxation policy. This new model is more responsive to citizens' preferences and adjusts more dynamically to provide public services efficiently. The authors suggest that this new system should be allowed to develop in Europe to safeguard diversity and ensure that decentralization emerges effectively. It would also allow for the flexible integration of East European transition economies into the European Union and may also combine with traditional modes of government in developing countries. This book will be warmly welcomed by economists, political scientists and sociologists interested in the future of the European Union, by all those studying federal systems of government, and by those interested in the prospects for improving democratic institutions throughout the world.
Wallace E. Oates has made a pioneering contribution to environmental and public economics. This original selection of essays honors his seminal work in both these fields. The contributions to this volume apply Wallace E. Oates's key ideas and insights to a broad range of problems. The essays on environmental economics assess environmental policy in today's conservative era and analyse environmental taxes, environmental federalism and the choice of environmental policy instruments. The chapters on public economics investigate vouchers for private schools, capitalization, urban growth controls and the welfare economics of congestible amenities in general equilibrium models. The authors also examine intergovernmental grants in South Africa, public pensions in the European Union and fiscal federalism in early American history. Environmental and Public Economics is an informative and thought-provoking celebration of Wallace E. Oates's work which will be useful for students and scholars of environmental studies, public policy and public sector economics.
A welfare system exists in this country that transfers hundreds of millions of dollars from taxpayers to individuals who hardly require government assistance. State and local officials, mesmerized by vague promises and starry-eyed visions of the future, cave in to ever escalating demands from the system's beneficiaries, without ever finding out whether the public is served by such policies. It's a scandal, really, and reform is long overdue if we are to rein in the abuses perpetrated by ... America's professional sports franchises."Major League Losers" is a clarion call that exposes the system by which American cities and states shell out scarce tax dollars to subsidize the expenses of wealthy team owners and their extraordinarily well-paid employees. New stadiums and arenas are built at public expense, but municipalities are regularly shut out from sharing in the profits they generate. Sweetheart deals, negotiated under the threat of a team leaving town, result in many owners receiving land, investment opportunities, luxury suites, prime office space, and practice facilities--all financed by the taxpayers.Mark S. Rosentraub, a leading analyst of the economic impacts of sports on urban areas, has studied the truth behind the claims routinely made by mayors, team owners, and the media, and he has discovered that major league sports have no more than a minuscule impact on the economy of a city or region. They produce few jobs, little tax revenue, and a negligible positive impact even on their own immediate neighborhood. In these times of tight budgets, Rosentraub shows that the current system wastes a colossal amount of public money that Americans cannot afford, and his pointed critiqueprovides government officials and taxpayers with a clearer understanding of how cities can, and should, negotiate with sports franchises to protect the true public good.
In recent years the welfare state has come under attack from economists, and in many OECD countries there have been calls for spending on the welfare state to be rolled back. Critics argue that the size of transfer programs is responsible for a decline in economic performance and that cuts in spending are a prerequisite for a return to the golden age of full employment and economic growth. A. B. Atkinson takes such criticisms seriously, placing them under empirical and analytical scrutiny.Atkinson brings a welcome sense of balance to the debate. He warns that many currently fashionable policy proposals to roll back the welfare state could have unintended negative side effects, based as they are on an oversimplified view of the workings of the economy and of how welfare arrangements affect economic incentives. He asks whether there are ways in which the welfare state plays a positive role in the modernization of the economy. He develops new models of the labor market and of the growth of the corporate economy, which provide insight into the role and consequences of unemployment insurance, and the implications of moves to private pension funds.Atkinson does not attempt to determine whether or not spending should be cut. Rather, his aim is to clarify the nature of the charges leveled against the welfare state, so that readers can make up their own minds.Copublished with the Center for Economic Studies and the Ifo Institute
Edited by the United Nations Development Programme, this collection of papers offers a new rationale and framework for international development cooperation. Its main argument is that in actual practice development cooperation has already moved beyond aid. In the name of aid (i.e. assistance to poor countries), we are today dealing with issues such as the ozone hole, global climate change, HIV, drug trafficking and financial volatility. All of these issues are not really poverty-related. Rather, they concern global housekeeping: ensuring an adequate provision of global public goods.
Housing finance is central to people's well-being, to the economy and to society as a whole. In this comprehensively updated and extensively revised text, the authors map out the shape of the UK's housing finance system - its public, private and voluntary sectors. The impact of recent change is assessed, as well as the forces that will shape change in the future. Like its predecessor, it will be essential reading for students and practitioners alike.
This first major book on Public-Private Partnerships (PPP) in Nigeria explores the legal, policy and strategic issues involved in the structuring and execution of PPP projects in Nigeria. The book goes beyond the toolkit approach of other available resources to blend the theoretical analysis of concepts with practical step-by-step guides for consummating projects. The book adopts a multidisciplinary approach by integrating law, economics, finance and project management literature, relying on the author's extensive experience in the field to give clear insights on the PPP concept. The case study methodology employed in the book produces rich and compelling empirical results. This book is suitable for beginners wishing to develop an understanding of the concept, as well as practitioners advising on PPPs. Students and academics wishing to carry out further research on PPPs will also benefit from the book.
This comprehensive and authoritative book offers a global approach to the modern economics of the family, family law and family policy. Beginning with the division of labour in the family, this book deals with the economics of marriage, the demand for children, inter-generational relationships, and the economics of inheritance. The family is analysed using the theory of utility maximisation assuming that individuals wish to achieve the greatest possible satisfaction with limited resources and imperfect knowledge. The family is examined from both long and short term perspectives, and it is assumed that the family is cooperative with incentives for altruistic behaviour greater than in any other social group. Francisco Cabrillo then develops the analysis to include a discussion of the economics of family policy, an area not widely discussed in the existing literature, with special reference to the European Union. He makes use of simple and clear analytical models, such as neoclassical optimization and game theory, to explain the rationality of individual behaviour in the family and the responses to the incentives created by public policies. The Economics of the Family and Family Policy will be essential reading for economists interested in the family, public policy as well as sociologists and policymakers.
This outstanding selection of Helen Ladd's work provides an overview of the policy-oriented research she has conducted in the area of state and local public finance during the past twenty-five years. The volume is divided into four parts. The first addresses the concept and measurement of fiscal disparities across local jurisdictions and the design of intergovernmental aid programmes. The second part examines the design of taxes and tax structures, including chapters on the mix of taxes at state level and tax limitation measures. The third part deals with the interaction between taxes and land use, including the fiscal effects of rapid population growth and the use of tax subsidies to promote growth in declining urban areas. The final part focuses on education finance. This important collection will be of interest to public finance and urban economists and practitioners and policymakers in state and local government.
Kitab al-Amwal (The Book of Revenue) is the work of a brilliant legal mind. Abu Ubayd al-Qasim ibn Sallam provides us with an accurate record of legal precedents laid down in the first two centuries of Islam, in particular those pertaining to the sources of revenue and the avenues of public expenditure. The power of the book, however, lies in the method of the author and the analysis undertaken by him. He gathers together the traditions of the Prophet (pbuh), the opinions of his Companions and the views of eminent jurists, and then subjects them to legal analysis that is unparalleled in Islamic legal literature. The book is essential for every student of Islamic law, especially those who wish to master the art of interpreting and analyzing legal traditions and early precedents. In the discipline known as fiqh al-sunnah, there is no book or manual that can compete with this outstanding work. The present translation includes a translation of the notes by Muhammad Khalil Harras.
This volume - the summary of a five-year research programme - describes and assesses the Scandinavian approach to local public finance. A key role of local finance in Scandinavia is redistribution in the form of a wide array of social services that are largely financed at the central level.
Comparative Public Policy provides the first truly systematic and comprehensive account of the transformation of the post-war state in the advanced countries of the Western world. The author generates new research findings which show how the economic, social and political changes of the post-war era have reshaped modern public policy across the OECD region. Francis G. Castles examines the growth of big government and the emergence of the modern welfare state and identifies ways in which the role of the state has impacted on labour markets and such personal issues as home ownership, fertility and divorce. He explains why the trajectory of policy transformation has varied from country to country, with immediate post-war policy laggards sometimes becoming leaders, and erstwhile policy pioneers on occasions stagnating. This innovative book presents a wealth of background data and a huge range of new findings, covering 12 policy areas in 21 advanced industrialized countries over a period of more than three decades. Comparative Public Policy is essential reading for students and scholars who wish to understand the dynamics of contemporary social and political development.
Distributional considerations are of central importance in the evolution of health care systems. Who gets served, who pays, and how, as a result, improved health is distributed, are among the pressing issues addressed in this volume. "Health, Health Care and Health Economics: Perspectives on Distribution" focuses on fundamental issues of equity or distribution in health care and health, and provides a stimulating and provocative discussion of the:
Persistence of inequalities despite policy interventions designed to remove economic barriers to access to care
Association between income and income inequalities on the one hand and health inequalities on the other
Under-emphasis on matters of distribution, relative to issues of efficiency, in much of the health economics research to date, and the potential policy distortions thereby created. This volume will be an indispensable sourcebook for all health economists as well as health care policy makers and managers.
'This book recognizes a milestone in the evolution of health economics as a discipline.' Joseph P. Newhouse, "Harvard University Boston, Massachusetts, USA"
At a time when state assistance to the arts sector has come under considerable scrutiny both in Europe and the United States, this book comprehensively examines the evolution of, and rationale for, state involvement with the so-called `high' arts on both continents. This book offers an overview of the key economic issues arising in relation to the state and the arts in these regions, with a detailed analysis of the European and American models of state assistance to the high arts sector. John O'Hagan examines in detail the various channels - regulation, taxation and direct expenditure - through which the state interacts with the arts and compares and contrasts the experiences of America and Europe. Regulatory measures considered include the guarantee of artistic freedom, copyright, resale royalties for artists, and trade restrictions. He also considers taxation measures to support the arts, including deductions for charitable contributions to the arts, property tax exemption, and relief on artists' income. The discussion on direct expenditure covers state ownership of institutions, revenue funding and matching grants as well as new avenues of expenditure such as community arts/arts centres, and new revenue sources for this expenditure, such as lottery funding. Finally the book covers the non-profit making arts sector, and examines why it, and not the commercial sector, receives private and state funding. The State and the Arts will be indispensable for students and academics of public and social policy, cultural economics and public management. It will also be of considerable interest to policymakers and key players in the arts sector.
In this innovative book the author examines the link between environmental, trade and industrial policies within an interregional setting. He models how regional governments, using tax rates on real capital and pollutant emissions, determine policies to favour their residents in terms of the provision of public goods and reduction in environmental degradation. Regions or countries engage in competition for mobile capital in a world where production causes pollution and tax revenues are required to finance public goods. In Fiscal Policy and Environmental Welfare the author considers the efficiency consequences when governments act strategically and seek to manage trade, capital flows and emissions. Using formal models, which extend and modify existing literature, the author demonstrates that interjurisdictional competition typically leads to inefficiencies. He argues that although interjurisdictional competition may lead to the overprovision of public goods and to an inefficiently high environmental quality, often the opposite seems to occur. This book will be welcomed by environmental economists, and those scholars interested in welfare and fiscal policy.
Flying into the Future explores the organization of air transport in the European Union. It analyses the nature of the industries supplying air transport services, the institutional structure of air transport services, and impediments to increased efficiency in the provision of air transport. The reduction in institutional barriers and regulations has led to a more efficient provision of air transport services in the EU. This book assesses the improvements in the efficiency of air transport services, and highlights institutional and physical problems impeding further efficiency gains. The authors examine airline operations, and the ability of two or more transport systems to operate effectively in tandem. They also consider how to make the boundaries between different transport networks invisible, as well as discussing issues of national organization and the juridical structures which impede operations. The analysis examines both the internal European Union market for air transport services and the links between it and the rest of the world. Other key issues discussed include: * EU air transport developments in the context of global markets * comparisons of recent developments in aviation policy between the EU and the United States * the problems of congestion in the air transport industry in Europe * the growth and significance of airline alliances. The authors not only consider the economics of European air transport but also legal, political, technical and geographical issues. They explore the problems of providing air transport in the context of inadequate information, institutional constraints, inherent market imperfections and imprecise objectives. Flying into the Future will be essential reading for industrialists, policymakers and academics interested in transport economics and transport policy.
Urban governance in most western democracies has seen various forms of public-private concerted actions becoming increasingly important instruments for local governments. These new features of urban governance are often seen as local governments trying to enhance their "capacity to act" by fusing their capabilities with those of other major societal actors. At the same time such transgressions of the border between the public and the private spheres of society make local governments more susceptible to political pressures from those actors. This volume looks at the historical development and present performance of public-private partnerships for local economic development in western Europe and the United States. The theoretical framework applied in the volume is derived from theories of governance as well as from institutional theory.
Public policies increasingly emphasize active consumerism, entrepreneurship on the part of service providers and professionals, privatization, and an expanded role for markets. This text draws on research by economists, psychologists, sociologists and public policy experts. The research demonstrates that the traditional rational choice model of economic behaviour is unsatisfactory in providing accounts of the way people choose in relation to work, saving, spending, investment and social welfare. It also shows that the public policies of active consumerism, public sector entrepreneurship, and privatization based on this approach may be flawed.
Financing Federal Systems provides a comprehensive selection of Edward M. Gramlich's essays, which have made a major contribution to public finance and macroeconomics over three decades. The structure of fiscal federalism is a major issue in most countries around the world. Developed economies are continually confronting the question of fiscal federalism as they consider harmonizing tax and trading arrangements. Emerging market economies are addressing these issues as they organize systems to promote growth and development. The book begins with a new introduction by the author which provides a clear and concise overview of the current issues in fiscal federalism. The book comprises some 23 papers and features empirical, theoretical and diagnostic work together with comprehensive evaluations of the fiscal federal systems in the United States, Australia, Sweden and Canada. It includes work on state and local government behaviour, grant policies, macroeconomic policies, state tax limitations, federal tax policy, sub-national fiscal policy, infrastructure investment and public welfare policies. Financing Federal Systems will complement graduate and undergraduate courses in public finance and fiscal federalism. It will also appeal to policymakers and local government practitioners.
This interdisciplinary collection of essays takes a hard look at the gap between increasingly costs expectations of welfare including other social needs and available revenues. It shows that the issue is not a purely economic and certainly not a party-political one, but that it has significant ethical, some call it spiritual, components. From providing initially a broad account of welfare economics it presents contributions from political philosophers and theologians as well as accounts of successful initiatives to indicate the direction for solutions which will correspond to the complex realities of post-modern society.
In all countries debt and deficits of the public sector are at the heart of economic policy debate. Debt and deficits pose major problems, all the more pressing in Europe because of the Maastricht criteria for entry into European Monetary Union. And in the developing world debt has been associated with major financial crises. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice.
Das Standardwerk der Investor Relations beleuchtet in der 2., uberarbeiteten und erweiterten Auflage praxisnah die aktuellen rechtlichen Entwicklungen sowie Themen der Finanzmarktkrise. Es zeigt, wie IR-Verantwortliche auf die neuen Herausforderungen der internationalen Finanzmarkte reagieren mussen und welche Instrumente die Investor Relations dafur bieten."
Thanks to a series of recent US Supreme Court decisions, corporations can now spend unlimited sums to influence elections, Super PACs and dark money groups are flourishing, and wealthy individuals and special interests increasingly dominate American politics. Despite the overwhelming support of Americans to fix this broken system, serious efforts at reform have languished. Campaign finance is a highly intricate and complex area of the law, and the current system favors the incumbent politicians who oversee it. This illuminating book takes these hard realities as a starting point and offers realistic solutions to reform campaign finance. With contributions from more than a dozen leading scholars of election law, it should be read by anyone interested in reclaiming the promise of American democracy.
How far can government be reinvented? What is the impact of globalization on the delivery of government services around the world? This comparative book debates new managerial and policy paradigms, with a sophisticated analysis of the potential effects of the marketizing of government services. Case studies explore The US Government's National Performance Review, the relocation of Britain's Inland Revenue IT services with a US multi-national, the impact of the Europeanization of government in the EU, the implausibility of reinventing government, and the applicability of new theories of analysis.
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