Higher Education

Public Finance: A Contemporary Application of Theory to Policy, 11th Edition

  • David N. Hyman North Carolina State University
  • ISBN-10: 1285173953  |  ISBN-13: 9781285173955
  • 720 Pages
  • Previous Editions: 2011, 2008
  • © 2014 | Published
  • College Bookstore Wholesale Price = $299.00
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About

Overview

In this upper-level undergraduate text, David Hyman delivers a solid economics-oriented approach to public finance and public policy. The 11th edition of PUBLIC FINANCE addresses public issues that will confront the United States and other nations throughout the new millennium. Dr. Hyman first emphasizes the economic theory of public goods and how to best provide them. He then builds in relevant applications to illustrate the main economics points and ensure solid understanding. Packed with timely, real-world examples, this text sparks lively discussion and debate with its convincing coverage of hot topics using the latest government statistics and recent scholarly research.

Features and Benefits

  • The cutting-edge 11th edition offers an intriguing view into public policy, addressing issues that will confront the United States and other nations throughout the new millennium. It thoroughly addresses current issues in public finance and taxation, including indifference curve analysis, producer and consumer surplus, and tax incidence.
  • Professor Hyman presents critical concepts in the context of real-world, right-now issues. Unlike other texts which focus primarily on policy issues, Dr. Hyman emphasizes the economic theory of public goods and how best to provide them and then builds in applications to illustrate the main economics points. The latest edition covers timely topics such as national defense and homeland security, health care, pollution rights, Social Security reform, and federal tax reform.
  • Offering a solid economics-oriented approach to public finance and public policy, Hyman's PUBLIC FINANCE equips students with a balanced view of both the revenue and expenditure sides of taxes and public goods--giving them the full story of how economics affect public policy issues.
  • PUBLIC FINANCE is packed with current, real-world examples and issues that make reading interesting and promote lively student discussion and debate. Captivating Public Policy Perspectives address current issues in the news and how these issues will impact public finance now and in the future. In addition, Global Perspectives boxes compare different taxing and public goods delivery systems, giving students an excellent overview of global markets.
  • The text offers many study tools to help readers review material and focus on key concepts, including Learning Objectives, Student Checkpoints to ensure understanding, Chapter Summaries, Looking Forward (a section that highlights upcoming topics), Key Concepts, Review Questions, End-of-Chapter Problems, Internet Resources, and Additional Readings.

Table of Contents

PART I: THE ECONOMIC BASIS FOR GOVERNMENTACTIVITY.
1. Individuals and Government.
2. Efficiency, Markets, and Governments.
3. Externalities and Government Policy.
4. Public Goods.
5. Public Choice and the Political Process.
PART II: GOVERNMENT EXPENDITURES AND POLICYIN THE UNITED STATES: SELECTED ISSUES.
6. Cost-Benefit Analysis and Government Investments.
7. Government Subsidies and Income Support for the Poor.
8. Social Security and Social Insurance.
9. Government and Health Care.
PART III: FINANCING GOVERNMENT EXPENDITURES.
10. Introduction to Government Finance.
11. Taxation, Prices, Efficiency, and the Distribution of Income.
12. Budget Balance and Government Debt.
PART IV: TAXATION: THEORY AND STRUCTURE.
13. The Theory of Income Taxation.
14. Taxation of Personal Income in the United States.
15. Taxation of Corporate Income.
16. Taxes on Consumption and Sales.
17. Taxes on Wealth, Property, and Estates.
PART V: STATE AND LOCAL GOVERNMENT FINANCE.
18. Fiscal Federalism and State and Local Government Finance.
Glossary.
Name Index.
Subject Index.

What's New

  • All data on government spending and revenues has been updated to the latest available year. Public expenditure data has been revised using the latest National Income and Product Account data for government consumption and investment documenting the rise in the share of the public sector to 35% of GDP since 2001.
  • All chapters have been updated to include the latest data and changes in government policy. Particular attention is paid to issues regarding pressures to reduce the share of government in the economy. The impact of efforts to reduce government debt levels and curtail government budget deficits will be highlighted throughout the text. The lingering impact of the recession of 2007-2009 and slow economic growth on tax revenues, state and local government spending and the federal government's budget balance also receive special attention in the new edition. Possible reduction in government entitlement programs including Social Security, Medicare, and Medicaid will be discussed. The new health care legislation and its impact on health care spending, government spending, and the economy are also be included. The reform of tax systems to eliminate tax preferences, lower marginal tax rates and improve efficiency of resource use also receive special attention in the new edition.
  • Part 1: The growth of the government sector since 2001 is highlighted as is pressures to reduce government spending to cut the federal government's debt and borrowing.
  • Part 1: The growth of spending for government pensions and health care in both the U.S. and other nations (particularly the Euro Zone nations) in the context of aging populations has been updated. Plans to reduce spending for these entitlement programs will be highlighted.
  • Part 1: Discussion of the risk of government default on sovereign debt is included and the need to cut back entitlement spending to reduce the deficit is documented.
  • Part 1: State and local government spending reductions is discussed as slow growth continues to reduce tax collections.
  • Part 1: Methods to deal with environmental problems, including global warming are discussed within the context of policies designed to raise revenue.
  • Part 1: Growth in Defense spending since 2001 is analyzed and options for reducing military expenditure will be discussed.
  • Part 1: The political issues involved in reducing the federal deficit are discussed, including recent trends toward gridlock and the impact it has on the economy.
  • Part 2: Recent efforts to improve government infrastructure by increasing spending for roads, schools, bridges, and other projects.
  • Part 2: Changes in government support programs for the poor, along with the impact of the recession and its aftermath on poverty rates in the U.S.
  • Part 2: Statistics on Social Security have been updated and proposals to reform the pension system.
  • Part 2: Changes in Medicare will be discussed, as will proposals to control Medicare spending.
  • Part 2: Pension reform in the Eurozone with special attention to countries in fiscal distress (Portugal, Ireland, Italy, Greece, and Spain).
  • Part 2: The details of The Patient Protection and Affordable Care Act (PPACA) --also known as "Obamacare"--along plans for implementation and its impact of health care and government spending.
  • Part 2: Change in the Medicaid program and plans to control its spending.
  • Part 3: Proposals to improve the efficiency to tax systems.
  • Part 3: Update of data on the distribution of tax burden.
  • Part 3: Government Enterprise: The plight of the US Postal Service.
  • Part 3: Expanded coverage of the federal government budget deficit and debt.
  • Part 3: Added coverage of budget deficits and sovereign debt in the Eurozone and China.
  • Part 3: Analysis of proposals to reduce the federal budget deficit.
  • Part 3: New discussion of the risk of sovereign debt default and its consequences for government spending.
  • Part 3: Discussion of "Austerity" programs in Europe.
  • Part 4: Analysis of proposals to reform the income tax: Lowering marginal tax rates while eliminating tax preferences.
  • Part 4: More discussion of the "flat tax".
  • Part 4: Analysis of proposals to reduce marginal tax rates for the corporation income tax.
  • Part 4: Discussion of the options to expand consumption taxes.
  • Part 5: Recent state and local government financial problems.
  • Part 5: Trends in federalism to convert federal programs to block grants to be administered by state governments.
  • Part 5: Federalism in the Eurozone.

Meet the Author

Author Bio

David N. Hyman

David N. Hyman, professor of economics and alumni distinguished undergraduate professor at North Carolina State University, has taught both undergraduate and graduate courses in public finance there since 1969. Professor Hyman received his Ph.D. in Economics from Princeton University. He has held Woodrow Wilson, Earhart, and Ford Foundation fellowships and was a Fullbright senior research scholar in Italy in 1980. In 1997, he was visiting professor of economics at the University of Ferrara in Italy. Professor Hyman is a member of the Academy of Outstanding Teachers at North Carolina State University and received the Alumni Association Outstanding Teacher Award in 1982 and 1996. He is the author of several widely used textbooks in economics and has published scholarly articles in the NATIONAL TAX JOURNAL, PUBLIC CHOICE, the JOURNAL OF ECONOMICS EDUCATION, and other respected academic journals. Professor Hyman served the President's Council of Economic Advisors as a consultant and senior staff economist from 1988 to 1989. He also has been a guest scholar at the Brookings Institution and has worked as a government budget analyst and as an economist for the Board of Governors of the Federal Reserve System and the U.S. Comptroller of the Currency. Professor Hyman also is a photographer whose palladium and platinum prints are in the permanent collection of the Corcoran Gallery of Art in Washington, D.C. His photographs have been exhibited by galleries and museums and have been published in art books and on the covers of several novels.