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............................................................................................................................DescriptionThis collection of essays on the theory and development of public finance provides a comprehensive overview of the discipline and its evolution for students and teachers of the subject. In a substantive introduction, Amaresh Bagchi lucidly explains the basic issues that have emerged and discusses their treatment in the existing literature.The papers in the volume include Nobel Laureates James Buchanan and Joseph Stiglitz, Robert Solow (co-authored with Alan Blinder) and George Akerlof as well as renowned scholars Richard Musgrave, Agnar Sandmo, Stanley Fischer, Raja J. Chelliah, and Wallace Gates among several others. The essays which are arranged in thematic sections, analyse:• the role of the government in the economy; constitution of economic policy; and the concept of public goods, club goods, and merit goods• the role of government and factors that explain the rise of government expenditure with development• issues of efficiency and equity in taxation; a discussion of the Optimal Taxation Theory and its impracticality in liberalized economies; and the economics of tax evasion• relevance of fiscal policy; questions surrounding budget deficits; and sustainability of debt financing of government expenditure• survey of fiscal federalism theory and its operation in IndiaWhile the focus is on theory, the Indian context is kept in view wherever appropriate. The Reader will be useful for students and teachers of public finance at the postgraduate and senior undergraduate levels. It will also be useful to academics and policymakers.............................................................................................................................Contents1. Introduction - Amaresh BagchiI - Role of Government in the Economy2. The Nature of the Fiscal State: The Roots of My Thinking Richard A. Musgrave3. The Constitution of Economic Policy James M. Buchanan4. Public Goods Agnar Sandmo5. Club Goods - Martin C. McGuire6. Externalities - U. Sankar7. Merit Goods - Richard A. MusgraveII - Theory of Public Choice8. Public Choice - V.K. Borooah9. The Role of Government in Economic Development - Joseph E. StiglitzIII - Financing Government: Theory of Taxation10. Taxation and Efficiency - Howell H. Zee11. Taxation and Equity - Howell H. Zee12. Optimal Taxation: An Introduction to the Literature - Agnar Sandmo13. Optimal Taxation and Optimal Tax Systems - Joel Slemrod14. The Economic Theory of Tax Compliance with Special Reference to Tax Compliance Costs - Arindam Das-Gupta15. Introduction to Value Added Tax - Raja J. Chelliah et al.IV - Macrolinkages of Fiscal Policy16. Does Fiscal Policy Matter? - Alan Blinder and Robert M. Solow17. Economics of Government Budget Constraint - Stanley Fischer and William Easterly18. Sustainability of Public Debt - Indira Rajaraman and Abhiroop Mukhopadhyay19. Budget Deficit: Sustainability, Solvency, and Optimality - Mihir Rakshit20. The Meaning and Significance of the Fiscal Deficit - Raja J. ChelliahV - Fiscal Federalism: Theory and Practice21. An Essay on Fiscal Federalism - Wallace E. Oates22. Changing Contours in Federal Fiscal Arrangement in India - M. Govinda Rao23. Centre-state Fiscal Relations in India - George A. AkerlofVI - Epilogue24. Public Finance and Public Choice: Two Contrasting Vision of the State - Amaresh Bagchi............................................................................................................................Author DetailsAmaresh Bagchi, a well-known scholar in public finance, is a former Director of the National Institute of Public Finance and Policy, Delhi. Currently he is an Emeritus Professor at the same institute.............................................................................................................................
