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Markets, State, and People: Economics for Public Policy

by Diane Coyle (Author)
4.3 4.3 out of 5 stars 30 ratings
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A textbook that examines how societies reach decisions about the use and allocation of economic resources

While economic research emphasizes the importance of governmental institutions for growth and progress, conventional public policy textbooks tend to focus on macroeconomic policies and on tax-and-spend decisions. Markets, State, and People stresses the basics of welfare economics and the interplay between individual and collective choices. It fills a gap by showing how economic theory relates to current policy questions, with a look at incentives, institutions, and efficiency. How should resources in society be allocated for the most economically efficient outcomes, and how does this sit with society’s sense of fairness?

Diane Coyle illustrates the ways economic ideas are the product of their historical context, and how events in turn shape economic thought. She includes many real-world examples of policies, both good and bad. Readers will learn that there are no panaceas for policy problems, but there is a practical set of theories and empirical findings that can help policymakers navigate dilemmas and trade-offs. The decisions faced by officials or politicians are never easy, but economic insights can clarify the choices to be made and the evidence that informs those choices. Coyle covers issues such as digital markets and competition policy, environmental policy, regulatory assessments, public-private partnerships, nudge policies, universal basic income, and much more.

Markets, State, and People offers a new way of approaching public economics.

  • A focus on markets and institutions
  • Policy ideas in historical context
  • Real-world examples
  • How economic theory helps policymakers tackle dilemmas and choices
Previous page
  1. ISBN-10
    0691179263
  2. ISBN-13
    978-0691179261
  3. Publisher
    Princeton University Press
  4. Publication date
    January 14, 2020
  5. Language
    English
  6. Dimensions
    6.5 x 1 x 9.5 inches
  7. Print length
    376 pages
  8. See all details
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Editorial Reviews

Review

"US president Harry Truman longed for a one-handed economist, because 'All my economists say ‘on one hand’ then ‘but on the other’.' He was wrong to. Equivocal books do not usually do well in a polarised world. This one deserves to buck the trend."---Giles Wilkes, Financial Times

Review

"Integrating economic theory into social and political contexts, this is the textbook on public policy that students need. A pleasure to use."―Paul Collier, University of Oxford

"This book is both wise and far-ranging. If I was teaching an introductory public policy course, this would be the economics that I would adopt." ―Edward Glaeser, Harvard University

"This is a great book for teaching because, unlike standard textbooks, it situates public policy in the wider context of the values that societies hold and the ways that markets are structured."―Rachel Griffith, University of Manchester

"This masterful book is exemplary in its resistance to sweeping panaceas promoted by socialists, free-market worshippers, and fomenters of academic paranoia about established institutions. Our students and the public need sensible writing about policy choices and governance. This book is devotedly and insistently sensible."―Don Ross, author of Philosophy of Economics

Product details

  • Publisher ‏ : ‎ Princeton University Press (January 14, 2020)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 376 pages
  • ISBN-10 ‏ : ‎ 0691179263
  • ISBN-13 ‏ : ‎ 978-0691179261
  • Item Weight ‏ : ‎ 1.65 pounds
  • Dimensions ‏ : ‎ 6.5 x 1 x 9.5 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 30 ratings

About the author

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Diane Coyle

Diane Coyle

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I'm the Bennett Professor of Public Policy at the University of Cambridge (https://www.bennettinstitute.cam.ac.uk/), where we do inter-disciplinary research on the key policy challenges of our times. I have had a number of public service roles, including membership of the Natural Capital Committee, the BBC Trust and the Competition Commission. Previously I ran a consultancy, was economics editor of The Independent, and started out my career working in the UK Treasury. Check out my blog, The Enlightened Economist (http://www.enlightenmenteconomics.com/blog), where I write about economics books and post reviews. My core interest is in technology and how it's changing the economy and society - I've been writing about this since 1997, when we all started noticing the Internet. At the moment I'm working on how to measure better the digitally-transformed economy (how should statisticians measure free digital goods like search and social media? how much is data worth?....), and how governments should update policy for the digital era. My work includes looking at competition in digital markets - I was a member of the Furman Review panel on this subject (https://www.gov.uk/government/publications/unlocking-digital-competition-report-of-the-digital-competition-expert-panel). I'm also exploring what it is we mean by progress and how we might measure that instead of GDP.

Customer reviews

4.3 out of 5 stars
4.3 out of 5
30 global ratings

Top reviews from the United States

iwayan sukadana
5.0 out of 5 stars excellent
Reviewed in the United States on January 8, 2022
Verified Purchase
Great book
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Amazon Customer
4.0 out of 5 stars A Good Overview on Public Economics
Reviewed in the United States on April 2, 2021
Overall a good book on public policy in the 21st century. It does a good job of describing how governments currently analyze policies and talks about government failures in addition to market failures. It is a well rounded book although I do not agree that capitalism led to the Great Depression as there were many government interventions such as the government closing off international trade during that time and putting pressure on businesses to not lower wages. Those policies alone dramatically increased the length and severity of the Depression. Other than that I thought it was good and recommend it.
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Top reviews from other countries

Ian
5.0 out of 5 stars clear for the eccuated lay man / woman
Reviewed in the United Kingdom on August 28, 2021
Verified Purchase
Well researched, up to date referenced for further specialist and genaeralist study for the non-trained economist who is struggling to put in place public policy.
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