Public Finance

  • includes Economic Applications, InfoTrac® 1-Semester Printed Access Card
  • AUTHOR: David N. Hyman
  • ISBN-13: 9780538754460 
  • Grade(s): 9 | 10 | 11 | 12
  • 800 Pages  Hardcover 
  • 10th Edition  |  Previous Editions: 2008
  • ©2011     Published
  • Prices are valid only in the respective region


About The Product

In this upper-level undergraduate text, David Hyman delivers a solid economics-oriented approach to public finance and public policy. The 10th edition of PUBLIC FINANCE addresses public issues that will confront the United States and other nations throughout the new millennium. Dr. Hyman first emphasizes the economic theory of public goods and how to best provide them. He then builds in relevant applications to illustrate the main economics points and ensure solid understanding. Packed with timely, real-world examples, this text sparks lively discussion and debate with its convincing coverage of hot topics using the latest government statistics and recent scholarly research.


  • The cutting-edge 10th edition offers an intriguing view into public policy, addressing issues that will confront the United States and other nations throughout the new millennium. It thoroughly addresses current issues in public finance and taxation, including indifference curve analysis, producer and consumer surplus, and tax incidence.
  • Professor Hyman presents critical concepts in the context of real-world, right-now issues. Unlike other texts which focus primarily on policy issues, Dr. Hyman emphasizes the economic theory of public goods and how best to provide them and then builds in applications to illustrate the main economics points. The latest edition covers timely topics such as national defense and homeland security, health care, pollution rights, Social Security reform, and federal tax reform.
  • Offering a solid economics-oriented approach to public finance and public policy, Hyman’s PUBLIC FINANCE equips students with a balanced view of both the revenue and expenditure sides of taxes and public goods -- giving them the full story of how economics affect public policy issues.
  • PUBLIC FINANCE is packed with current, real-world examples and issues that make reading interesting and promote lively student discussion and debate. Captivating Public Policy Perspectives address current issues in the news and how these issues will impact public finance now and in the future. In addition, Global Perspectives boxes compare different taxing and public goods delivery systems, giving students an excellent overview of global markets.
  • The text offers many study tools to help readers review material and focus on key concepts, including Learning Objectives, Student Checkpoints to ensure understanding, Chapter Summaries, Looking Forward (a section that highlights upcoming topics), Key Concepts, Review Questions, end-of-chapter Problems, Internet Resources, and Additional Readings.

About the Contributor

  • David N. Hyman

    David N. Hyman, professor of economics and alumni distinguished undergraduate professor at North Carolina State University, has taught both undergraduate and graduate courses in public finance there since 1969. Professor Hyman received his Ph.D. in Economics from Princeton University. He has held Woodrow Wilson, Earhart, and Ford Foundation fellowships and was a Fullbright senior research scholar in Italy in 1980. In 1997, he was visiting professor of economics at the University of Ferrara in Italy. Professor Hyman is a member of the Academy of Outstanding Teachers at North Carolina State University and received the Alumni Association Outstanding Teacher Award in 1982 and 1996. He is the author of several widely used textbooks in economics and has published scholarly articles in the NATIONAL TAX JOURNAL, PUBLIC CHOICE, the JOURNAL OF ECONOMICS EDUCATION, and other respected academic journals. Professor Hyman served the President's Council of Economic Advisors as a consultant and senior staff economist from 1988 to 1989. He also has been a guest scholar at the Brookings Institution and has worked as a government budget analyst and as an economist for the Board of Governors of the Federal Reserve System and the U.S. Comptroller of the Currency. Professor Hyman also is a photographer whose palladium and platinum prints are in the permanent collection of the Corcoran Gallery of Art in Washington, D.C. His photographs have been exhibited by galleries and museums and have been published in art books and on the covers of several novels.

Table of Contents

1. Individuals and Government.
2. Efficiency, Markets, and Governments.
3. Externalities and Government Policy.
4. Public Goods.
5. Public Choice and the Political Process.
6. Cost-Benefit Analysis and Government Investments.
7. Government Subsidies and Income Support for the Poor.
8. Social Security and Social Insurance.
9. Government and Health Care.
10. Introduction to Government Finance.
11. Taxation, Prices, Efficiency, and the Distribution of Income.
12. Budget Balance and Government Debt.
13. The Theory of Income Taxation.
14. Taxation of Personal Income in the United States.
15. Taxation of Corporate Income.
16. Taxes on Consumption and Sales.
17. Taxes on Wealth, Property, and Estates.
18. Fiscal Federalism and State and Local Government Finance.

New to this Edition

  • All data on government spending and revenues has been updated to 2008 or the latest available year. Public expenditure data has been revised using the latest National Income and Product Account data for government consumption and investment documenting the rise in the share of the public sector to 35% of GDP since 2001.
  • The impact of the 2007-2009 recession on revenues and spending is discussed, along with the provisions of the stimulus package embodied in the American Recovery and Reinvestment Act of 2009 that affect state and federal government spending and how the tax system is used to help stimulate the economy.
  • More on issues relating to Social Security pensions, including analysis of how aging of the population, retirement decisions, and labor force participation of the elderly affect the economy and spending for pensions.
  • More analysis of Medicare and Medicaid, government spending on health care, and issues involved in extending health care to the uninsured.
  • More analysis of the federal budget deficit, showing how the recession and the policies of the Bush and Obama administrations have affected federal spending, taxes, and government debt.
  • Topics such as moral hazard and adverse selection are addressed.
  • The revised layout enhances readability of graphs.