It took thirteen years for the sixth edition to appear after the fifth edition of this textbook, which was well established in the German-speaking world. Last but not least, this long period of time is probably due to Ewald Novotny’s career.
Because while co-author Martin Zegler remained faithful to his job at the University of Piedmont and the Vienna University of Economics and Business, Novotny, formerly a professor of economic and financial policy at the Vienna University of Economics and Business, held the labor-intensive office of governor of the Austrian National Bank from September 2008 to August 2019 – and thus a seat in Board of Directors.
One consequence of this rather long period is that compared to the Fifth Edition, the increase in financial literacy related to textbooks is quite evident. In that regard, the wait for this remake was worth it.
Since the authors interpret the subject area they represent so exhaustively, one cannot discuss a proper delimitation of the content, but at most the structure of this textbook, i.e. the logic of the sequence of subject areas, which would ultimately be a matter of taste.
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The introduction was undoubtedly educationally successful by showing the lines of development in economics and the schools of thought that have shaped this discipline, or rather the models. Based on the delineation and development of the public sector, its functions and distinctive characteristics are examined and important fundamentals of decision-making theory are discussed under the headings of welfare economics and public choice theory.
Ewald Nowotny, Martin Ziegler: The Public Sector. Introduction to finance.
Springer Gabler
Wiesbaden 2022
539 pages
29.99 euros
This compendium-like textbook structure is not prescriptive, but it is engaging. Each of the 24 (!) Thematic sections ends with references to relevant primary literature and other texts. As a lecturer, you can agree or disagree with these recommendations, but it always makes self-study easier, which is becoming increasingly important.
It is commendable that very few separate chapters are devoted to the increasingly politically relevant “European Union financial economy” and to the “social security” field. While much space is given to discuss the most important types of taxation, unfortunately the increasingly controversial issue of “public debt” is dealt with.
Above all, one should – in the context of the aforementioned slim chapter on EU fiscal economics – have a short, unbiased discussion of the pros and cons of the increasingly important “societal debt” and also – against the backdrop of increasing rather than decreasing economic heterogeneity, namely the euro countries – wanted some Basic explanations about the usefulness of the European financial equation.
In short: This new edition is more than a genuine enrichment of the literature presented for undergraduate studies in economics, but it is also a reliable work of reference for anyone whose academic training goes back a few years – and by extension also for business journalists.
more: Commentary: Europe must jointly take responsibility for the euro – but it must change course to do so
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