Annotated Bibliography: Australian Public Policy essay

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Just, RE, Hueth, DL, & Schmitz, A 2004, The welfare economics of public policy: a practical approach to project and policy evaluation, Edward Elgar Publishing, Inc., Massachusetts,

In this book, Just et al. discuss the topic of welfare economics in relation to government decisions regarding the implementation of public policies and projects. The authors explore different aspects of welfare economics including theories of welfare economics, producer welfare measurement, consumer welfare measurement, decision-making by factor owners and suppliers, applications of welfare economics, imperfect markets, the effects of monopoly and monopsony practices, the welfare economics of externalities, and the cost-benefit analysis of these applications. This book is reliable because it has been written by professionals with vast knowledge in economics and their approach and analysis demonstrate an in-depth understanding of the topic. On the other hand, this book is limited in that it lacks a case by case analysis of the impact of government decisions in relation to the implementation of public policies and projects on all stakeholders in a given country. However, this book is very useful to the current research considering that it provides a lot of information related to welfare economics including applications of welfare economics particularly in environmental economic policies, which form the core of public policies in the contemporary societies and welfare measurement/analysis. As a result, this book will form the basis upon which different Australian public policies will be analysed.

Besley, T 2002, Welfare economics and public choice, London School of Economics and Political Science, London.

In this article, Besley reviews the topic of welfare economics and its link to public choice. The author explores different dimensions of welfare economics including the conceptual frameworks underlying the assessment of market achievements and the efficiency of policy-makers in allocating public resources. Most importantly, the author describes the theorems of welfare economics and their relationship to Pareto efficiency. Further, this article explores various criticisms presented against welfare economic approaches informing the policy process. Moreover, this article describes the relationship between social surplus and political outcomes in relation to public policies as well as look into the causes of political failure and the lessons which can be learned from these failures. This article is reliable because it has been written by a professional in economics and political science and it utilizes secondary sources to develop and analyse different arguments related to the main topic. On the other hand, this article is limited to the extent that it lacks a clear thesis statement at the beginning, which makes it difficult for the readers to follow the organization of the author’s arguments and analyses. Overall, this article is useful to the current research considering that it provides additional information, which can be used to supplement the information derived from other sources.  

Banks, G 2011, ‘Economics, economists and public policy in Australia’, Agenda, vol. 18, no. 3, pp. 1-11.

In this article, Gary Banks, the chairman of the Productivity Commission of Australia, makes his contributions to the 2011 symposium regarding the economics of the Australian public policy. The author responds to various issues addressed in the 2011 symposium including the questions whether the Australian public policy receives the economics it needs and whether the Australian economics receives the much needed public policy. Therefore, the author outlines the categories of ‘economics’ needed in the Australian public policy, the processes mediating the link between public policy and economics, and the needs of Australian economists in relation to public policy. This article is reliable because it has been prepared by an expert in public policy and economics, whose arguments and analyses demonstrate thoughtfulness and practical experience in the area of public policy and economics. However, this article is limited in that it addresses a narrow scope of the topic under review, and thus, its usefulness to the main topic will be limited to the two questions answered by the author. Overall, this article is useful to the current research because it provides specific information related to the main topic. As a result, this article can go a long way in terms of informing the current research topic and supplementing the information derived from other sources.

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