Now in its 4th edition, State and Local Public Finance provides a comprehensive and sophisticated analysis of state and local government public finance practices and issues, using the basic tools of economics. For this new edition, there is a focus on the most important services provided in the state-local sector: education, health and welfare, public safety, and transportation. This textbook provides an examination and analysis of public finance practices and problems in a federal fiscal system, focusing on the fiscal behaviour and policies of state and local governments. The author presents detailed descriptions of significant institutions. Modern economic theory is applied to examine the way these institutions are used to produce and finance services, and to provide evaluation of alternative policies. Although the emphasis is on U.S. institutions and issues, much of the economic analysis can be applied to any federal system or to fiscal decentralization. This fully revised new edition sees updates throughout to data, topics, and applications. The Headlines and Applications sections reflect the most current policy issues affecting state and local governments. These include the effects of the Great Recession on state and local governments, changes in the tax treatment of internet purchases, the Affordable Care Act and implications for Medicaid spending by state governments, demographic changes and the implications for state-local finances, the implications of changes in automobile technology for transportation financing, and the potential for increased gambling activity. This text will continue to be invaluable reading for those who study public finance, local government finance, urban economics and public policy and public administration.
Part 1 Introduction Chapter 1. Why State and Local Government Finance Chapter 2. Microeconomic Analysis: Market Efficiency and Market Failure Part II Public Choice and Fiscal Federalism Chapter 3. Demand for State and Local Government Goods and Services Chapter 4. Public Choice Without Mobility: Voting Chapter 5. Public Choice Through Mobility Chapter 6. Organization of Subnational Government Part III Provision of State and Local Goods and Services Chapter 7. Budgeting and Fiscal Outcomes Chapter 8. Costs and Production of State and Local Goods and Services Chapter 9. Pricing of Government Goods-User Charges Chapter 10. Intergovernmental Grants Chapter 11. Borrowing, Debt, and Capital Investment Part IV Revenue for State and Local Governments Chapter 12. Principles of Tax Analysis Chapter 13. Property Tax: Institutions, Structure, and Process Chapter 14. Property Tax: Economic Analysis and Effects Chapter 15. Sales and Excise Taxes Chapter 16. Income Taxes Chapter 17. Business Taxes Chapter 18. Revenue from Government Monopoly and Regulation Part V Policy Applications and Analysis Chapter 19. Education Chapter 20. Transportation Chapter 21. Health and Welfare Chapter 22. Economic Development
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