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Public Finance in Theory and Practice, McGraw-Hill. Richard A. Musgrave and Alan T. Peacock, ed. ([1958] 1994). Classics in the Theory of Public Finance, Palgrave Macmillan. Description and contents. Edwin J. Perkins, American public finance and financial services, 1700-1815 (1994) pp 324–48. Complete text line free; Joseph E. Stiglitz (2000).
Governments use public budgeting to allocate and manage financial resources in order to achieve social and economic objectives. [2] Governments are to redistribute money in a socially beneficial way. In order to do so they need to raise the money from people in the most efficient and equitable manner or incorporate some profitable activities.
The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [8]
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare .
In modern public-finance literature, a whole economy of the tax system has developed (tax system economics), which can be defined as "the overall management of public revenue of a state or integration grouping's public revenues and expenditures in order to shape smart economic policies that stimulates economic growth and development and ...
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
The concept of a fiscal straitjacket is a general economic principle that suggests strict constraints on government spending and public sector borrowing, to limit or regulate the budget deficit over a time period. Most US states have balanced budget rules that prevent them from running a deficit.
Fiscal capacity is the ability of the government to raise revenues, and is frequently measured as the proportion of gross domestic product generated by tax revenue. [2] [4] Overall, wealthier developed countries have larger, stronger tax administrations and raise more money through tax revenue than poorer, developing countries. [2]