Arye L. Hillman's professional career has been at Bar-Ilan University, Israel. He has, as an invited professor, taught at University of California, Los Angeles, Princeton University, New Jersey, the University of Paris 1 (Panthéon-Sorbonne), the University of Freiburg, and the Australian National University, and has been an invited fellow of the Japanese Society for the Promotion of Science. He is a joint recipient of the Max-Planck Prize for Humanities Sciences. He has an honorary doctorate from the University of Genoa. He has a B.A. (first-class honours and the University Medal) from the University of Newcastle, New South Wales and a Ph.D. in economics from the University of Pennsylvania.

Part I. Personal and Public Finance: 1. Markets: personal finance; 2. Government: public finance; Part II. Responsibilities of Government: Efficiency: 3. Public goods; 4. Social costs and benefits; 5. Restraint on personal choice; 6. Information and efficiency; Part III. Responsibilities of Government: Social Justice and the Rule of Law: 7. Social insurance and moral hazard; 8. Social justice in taxation; 9. Social justice without government; 10. The rule of law: protection of life and property; Part IV. Limitations of Government: Politics and Policies: 11. Voting and the common pool problem; 12. Politics and efficiency; 13. Politics and income distribution; 14. Personal incentives in government; Part V. Concluding Overview: 15. The growth of government and the need for government; Appendix A. Topics in public policy; Appendix B. Supplements.