Title
Externalities And Public Expenditure Theory (The Collected Works Of James M. Buchanan),Used
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In his foreword, Geoffrey Brennan states, The papers in this volume represent a coherent set of pieces focused on aspects of publicexpenditure theory and constitute all of Buchanans papers in this area.Buchanans work on the subject of what governments should do and his insistence on Knut Wicksells ideal that taxation and public expenditure be integrated topics have contributed significantly to the current thinking of most economists on the topic. Geoffrey Brennan summarizes Buchanans central themes in this way, There are two messages that emerge from this work: one is that a proper sense of the extent of market failure, rather than its mere presence, is relevant in all cases; the other is that correcting for such market failure is often a complex multidimensional business not captured by direct public provision at zero price and not necessarily involving expansion of market output.The twentynine papers represented in this volume are grouped into these major subject categories:Public Services and Collective ActionExternalitiesClubs and Joint SupplyPublic Goods TheoryApplicationsCity, Health, and Social SecurityDistributive Norms and Collective ActionThis volume also includes what are arguably Buchanans two most famous articles: Externality, which he wrote with William Stubblebine, and Economic Theory of Clubs.James M. Buchanan (19192013) was an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the greatest scholars of liberty in the twentieth century.
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