Public economics studies the problems of government expenditures and revenues. Almost all major graduate textbooks on this issue focus on an exclusively microeconomic presentation. Modern problems in public economics, however, are inherently macroeconomic in nature. Just consider what are arguably the most important problems facing modern industrialized countries: demographics, debt, and pensions. As a consequence, many textbooks on public economics are awfully shy about these pressing issues that were aggravated by the recent financial crisis.
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