The modern economy is a mixed system in which public and private sector forces interact together. The economic system is neither public nor private, but involves a mix of both sectors. We cannot deal with public economics only since the public sector operates in interaction with the private, both sectors enter the analysis. It's important to note that the market mechanism alone cannot perform all economic functions. Public policy is needed to guide, correct, and supplement it in certain respects. The reasons behind the need for public sector are: 1 the claim that the market mechanism leads to efficient resource use is based on the condition of competitive factor and product market. So, there must be no obstacles to free entry and consumers and producers must have the full market knowledge.

3 government protection and its provided legal structure are needed for contractual arrangements and market operations. 4 even if the legal structure is provided and barriers to competition are removed, the production or consumption characteristics of certain goods are such that they cannot be provided for through the market market failure will show and require corrections by the public sector. 5 adjustments in the distribution of income and wealth results from the market system are required by the social values. 6 the market system in a highly developed financial economy does not necessarily bring high employment, price level stability, and desired rate of economic growth. 7 public and private points of view on the rate of discount used in the evaluating of future consumption may differ.

Tax or expenditure measures may affect the economy in many ways and may be designed to serve a variety of purposes several more or less the quality of research in the economics department is reflected in the amount of leading journals that publish our work, and the calibre of existing and recent recruits to the academic staff. With our research environment and world class facilities, we continue to attract brilliant academics from all over the world. We look into economic theory, econometrics, public and experimental economics, and much more, which allows us to offer a truly excellent standard of teaching. Here is just a sample of what we are currently working on: right from the birth of economics as a scientific discipline, public economics has always been one of its core branches. Public economics considers how the choices of governments are made and how these choices can improve or hinder economic efficiency. Public economics also investigates the extent to which it is possible, or desirable, for the government to change the distribution of income and wealth.

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To undertake this analysis, public economics draws upon influences from many areas of economics. Professor gareth myles conducts leading research in this area, and has written numerous papers on the subject. Professor christos kotsogiannis rsquo current research explores the role of trade instruments in globally efficient climate policies, focusing on the central issue of whether border tax adjustment bta is warranted when carbon prices differ internationally. This line of research shows that tariff policy has a role in easing cross country distributional concerns that can make non uniform carbon pricing efficient, and that pareto efficiency requires a form of bta when carbon taxes in some countries are constrained, a special case being identified in which this has the simple structure envisaged in practical policy discussion. It also stresses a point that has been overlooked in the policy debate that the case for bta depends critically on whether climate policies are pursued by carbon taxation or by cap and trade. Professor kotsogiannis is also interested in the design of pareto efficient carbon tax reforms, as well as issues that relate to fiscal federalism, insecure resources and international trade, and the relationship between foreign direct investment and taxation.

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Sushama murty rsquo s research on externalities such as pollution concerns problems that characterize both victims and generators of externalities. Technologies of victim firms violate the commonly evoked convexity assumption leading to failure of markets where the rights to pollute are traded, while the technologies of generating firms do not exhibit free disposability of pollution. Sushama proposes a new equilibrium concept that satisfies the conclusions of the two fundamental theorems of welfare in non convex economies with externalities. She proposes a new axiom, costly disposability, and shows that, if an emission generating firm rsquo s technology satisfies this axiom, then it rsquo s technology can be decomposed into a standard neoclassical intended production technology and a nature rsquo s emission generating set and vice versa. This decomposition can be very helpful in both empirical and theoretical works, such as the design of welfare improving externality policies, measurement of green gdp, and explanation of phenomena such as the environmental kuznets curve.

Professor james davidson is interested in all aspects of econometric time series analysis, asymptotic theory, and bootstrap methods in time series. His recent research has been largely concerned with long memory models and fractional integration. While developed primarily as a tool for econometrics research, tsm is also used for data analysis by students and practitioners worldwide. During a time when governments around the world consider more carefully how to regulate their financial sectors, it should also be important to consider what kind of financial structure is better or worse for macroeconomic stability. Dr jack rogers is using contemporary standard macroeconomic modelling techniques dsge to analyse normative monetary policy implications of fixed versus variable rate mortgage structure.

Empirical work related to this also investigates the dynamic link between base interest rates and high street mortgage rates in the uk. Professor john maloney's research in macroeconomics has included a project funded by the nuffield foundation to look at the effects of central bank independence, or lack of it, on 20 western economies. In the history of economics thought, professor maloney has published books on alfred marshall and on robert lowe classical economist and 19th century chancellor and is currently writing up the results of a leverhulme funded project on economic voting and the economic modelling of voting. The decision to repay government debt is a political decision taken by political leaders who aim at being re elected in a principal agent game with citizen voters. Giancarlo ianulardo investigates to what extent domestic debt can be considered the relevant variable in debt repayment decisions and to what extent foreign creditors can interfere in domestic political decisions.

Dr ianulardo rsquo s view is that ldquo current research on sovereign debt is rightly focusing on the political determinants of a fragmented decision process, instead of considering the debtor as unitary actor rdquo. Dr carlos cortinhas interests are in international economics, especially in applying contemporary econometric techniques to analyse the policy implications of different monetary regimes around the world. Another area of interest is international trade policy with special emphasis on trade policy in developing countries. Dr cortinhas welcomes research proposals in these areas by students interested in pursuing a dissertation professor david kelsey rsquo s research is concerned with choice under uncertainty and its applications in economics and finance, and, in particular, with ambiguity decisions where some or all of the relevant probabilities are unknown. In the coming academic year, he will be working on a leverhulme funded project on decision making within firms. Topics studied will include how corporate governance influences behaviour in the product market.

In particularly professor kelsey is interested in the factors which influence the way firms are organised e.g. A substantial part of his work addresses evolutionary game theory and the long run outcomes of learning and evolutionary processes. He has also worked on epistemic game theory, environmental economics, contract theory and experimental economics. Professor steve mccorriston aims to ldquo provide detailed insights into new aspects of policy and policy reform when market structure and competition issues are prevalent. Rdquo his research focuses on a wide range of policy issues, including trade policy, and trade policy reform when market structure is a characteristic of markets. He has also been investigating the issue of de regulation of state enterprises and their impact on food security and trade, particularly in the context of the reform agenda in india.

Currently, the impact of events arising on world commodity markets on domestic economies has attracted research funding from the european commission. Collaborative research on tax issues and foreign direct investment is also in progress. His theoretical work includes research on price competition, cost sharing and patent races.