Grundlagen der Wirtschaftspolitik

In this work, the authors develop a modern theory of public economics. They base their study on the significance of institutions and their consequences for certain allocation problems. They view economic policy as a problem of »institutional design«, in which starting from a description of the allocation problem to be solved the incentive properties of different institutions and their ability to implement normative objectives of the members of a society are analyzed. Breyer and Kolmar deal with topics such as theories of justice, anarchy and the minimal state, rival and nonrival goods, increasing returns to scale, externalities as imperfect institutional designs, asymmetric information, endogenous property rights, and incomplete contracts.

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