Overview

This reprinted edition of a classic and truly seminal book, written by one of the leading thinkers in the field, represents the first comprehensive treatment of the economic theory of multi-level government. It explores the specific economic roles of the various levels of government, the assignment of different forms of taxation to central, state (provincial), and local governments, and the fiscal links between tiers of government provided by intergovernmental grants. This reprinted edition includes a new preface that briefly describes the origins of the book and comments on the evolution of the theory and practice of fiscal federalism since its original publication. The primary interest in the book will come from scholars and graduate students interested in multi-level public finance and public economics.

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9780857939944

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Reviews

’This book is a reprint of a text that first appeared in 1972, the subjects it addresses are of the utmost importance, considering the events taking place at present. It revives the discussion of government intervention in the economy, pursuing the objectives of full employment, equitable income distribution and efficient resource allocation. Following the revolutionary idea of effective demand theory put forward by Keynes and Kalecki, who were against the 'classical' proposition that free market forces can achieve the best possible and most efficient level of economic activity, Oates argues that capitalist economies based on private ownership has no rewards for using all the existing available economic resources in society, in particular the labour force. Of equal importance, Oates argues that competitive economic systems are unable to reach the most desirable level of income distribution. Furthermore, Oates claims that oligopolistic markets that (according to Kalecki) are the natural structures of capitalist economies are unable to reach satisfactory solutions of productive resources, employment or a desirable distribution of income. Therefore this book, from a deep liberal perspective, acknowledges that markets on their own are inefficient; centralized structures are therefore required to modify decisions based on private interests. There is no doubt the topics covered in this book continue to be central themes under the political, economic and social conditions of the twenty-first century, especially important in the light of the present situation of low wages, massive unemployment and the economic recession, which began in 2008.’ -- Noemi Levy-Orlik, Review of Keynesian Economics

'This book is a reprint of a text that first appeared in 1972, the subjects it addresses are of the utmost importance, considering the events taking place at present. It revives the discussion of government intervention in the economy, pursuing the objectives of full employment, equitable income distribution and efficient resource allocation. Following the revolutionary idea of effective demand theory put forward by Keynes and Kalecki, who were against the 'classical' proposition that free market forces can achieve the best possible and most efficient level of economic activity, Oates argues that capitalist economies based on private ownership has no rewards for using all the existing available economic resources in society, in particular the labour force. Of equal importance, Oates argues that competitive economic systems are unable to reach the most desirable level of income distribution. Furthermore, Oates claims that oligopolistic markets that (according to Kalecki) are the natural structures of capitalist economies are unable to reach satisfactory solutions of productive resources, employment or a desirable distribution of income. Therefore this book, from a deep liberal perspective, acknowledges that markets on their own are inefficient; centralized structures are therefore required to modify decisions based on private interests. There is no doubt the topics covered in this book continue to be central themes under the political, economic and social conditions of the twenty-first century, especially important in the light of the present situation of low wages, massive unemployment and the economic recession, which began in 2008.' -- Noemi Levy-Orlik, Review of Keynesian Economics

Author Information

The late Wallace E. Oates, formerly Professor of Economics, University of Maryland, College Park and University Fellow, Resources for the Future, US

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