Economics has a very strong paradigm, grounded in rational choice
behavior and concepts of equilibrium in markets. But it has its
weaknesses. These were never more apparent than in recent years
after the failure to predict, or even understand the financial
crisis of 2007-8 and the subsequent crisis of the euro. Exactly
what these weaknesses are is of course the subject of much debate.
But the crisis and the associated failures of the dominant paradigm
have had at least one salutary side effect, of providing room for
other ways of thinking to come forward and to be heard. This volume
focuses on alternative approaches to public economics. It surveys a
number of alternative approaches, and also provides some unusual
perspectives. It includes contributions by well known economists
such as Giorgio Brosio and Pierre Salmon, and a chapter by Coco and
Fedeli employing a Marxian economic approach to public economics.
Some of the chapters are very novel, including two chapters on
cognitive dissonance and one on the role of memory in modeling
cycles of extreme events. There are also chapters on Austrian
economics. And there is a welcome discussion of economic approaches
to religion and values, including a chapter on religion by the
distinguished economist Dennis Mueller, and contributions on the
role of values and ethics in politics and public economics. All in
all, the book provides a most welcome sourcebook of new and
sometimes very different ways of thinking about public economics.'
- Ronald Wintrobe, Western UniversityThis comprehensive and
thought-provoking Handbook reviews public sector economics from
pluralist perspectives that either complement or reach beyond
mainstream views. The book takes a comprehensive interdisciplinary
approach, drawing on economic elements in the fields of philosophy,
sociology, psychology, history and law. The expert contributors
present new methodological approaches across these disciplines in
five distinct sections: - 'Revisiting the Theoretical Foundations'
compares and contrasts Austrians, Marxists, public choice theorists
and Keynesians - 'Revisiting the Values' is concerned with justice,
welfare, religions and civil rights - 'Beyond Rationalistic
Rational Choice' includes chapters devoted to memory, information
and group motivation - The final sections on 'Optimal Government
and Government Failure' and 'Public Economics of Public Bads' deal
with competition among governments, their suboptimal size,
regulation, corruption, the informal economy, cognitive dissonance,
rent seeking, the UN and criminal cycles. Academics, researchers
and students with an interest in economics - particularly public
sector economics and Austrian economics - and public policy will
find this Handbook to be an invaluable reference tool.
Contributors: F. Acacia, J. Alm, G. Brady, G. Brosio, M. Caputo, M.
Casson, G. Coco, M. Cubel Sanchez, S. Fedeli, M. Florio, F. Forte,
N. Goldschmit, A. Habisch, M. Holler, J. Huerta de Soto, J.P.
Jimenez, A. Koziashvili, M.A. Leroch, C. Magazzino, M. Mantovani,
D. Montolio, R. Mudami, D.C. Mueller, S. Nitzan, D.M.A. Patti, P.
Salin, P. Salmon, F. Sobbrio, V. Tanzi, Y. Tobol, B.A. Wickstroem,
R. Zanola
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