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List of Contributors - Preface - Abba P.Lerner, 1903-1982; H.Ben-Shahar - Introduction - PART 1 THE ECONOMICS OF PUBLIC DEBT - The Economics of Public Deficits; Franco Modigliani - Comments; M.Bruno and A.Cukierman - The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy; Jacob Frenkel and Assaf Razin - Comments; F.Modigliani - Fiscal Policy in Open, Interdependent Economics; Willem Buiter - PART 2 THE GOVERNMENT BUDGET AND INFLATION - Optimal Currency Substitution Policy and Public Finance; Zvi Hercowitz and Efraim Sadka - Comments; J.Frenkel - Inflation and the Government Budget Constraint; Thomas Sargent and Neil Wallace - Comments; Z.Eckstein and S.Fischer - PART 3 THE WORLD DEBT PROBLEMS - International Capital Flows and the World Debt Problem; Rudiger Dornbusch and Stanley Fischer - Aspects of Capital Flows between Developing and Developed Countries; Anne Krueger - Comments; Z.Eckstein - PART 4 POLITICAL ECONOMY - The Political Economy of Leviathan; Ron Findlay and John Wilson - Comments; J.Flanders and Y.Weiss - PART 5 RESOURCE ALLOCATION AND TAXATION - Inheritance Taxation; Dan Kovenock and Michael Rothschild - Comments; D.Brito and E.Sheshinski - Right of Way and Congestion Tolls; Eitan Berglas, David Fresko and David Pines - Comments; A.Auerbach and C.Wilson - Corporate Taxation in the US; Alan Auerbach - Comments; R.Eldor - PART 6 MARKET ORGANIZATION - The Effect of Labour Union on Investment in Training; Yoram Weiss - Comments; C.Wilson - Corporate Governance and Market Structure; Robert Willig - Comments; A.Braverman and O.Hart - Vertical Integration and the Distribution of Property Rights; Sanford Grossman and Oliver Hart - Comments; Y.Tauman - Index