Search results
Results From The WOW.Com Content Network
Within academic settings, public finance is a widely studied subject in many branches of political science, political economy and public economics. Research assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. [ 2 ]
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]
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.
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 .
Depending on the state of the economy, fiscal policy may reach for different objectives: its focus can be to restrict economic growth by mediating inflation or, in turn, increase economic growth by decreasing taxes, encouraging spending on different projects that act as stimuli to economic growth and enabling borrowing and spending. The three ...
In the 12th and 13th centuries, within the crusader states, the ruling class, known collectively as the Franks, displayed a remarkable proficiency in financial management and governance. This was largely due to their ability to inherit and utilize existing administrative systems established by their Arab and Greek predecessors.
Several theories of taxation exist in public economics. Governments can be separated into two distinct types when it comes to their fiscal and monetary sovereignty: currency-issuers and currency-users. Currency-users at all levels (national, regional and local) need to raise revenue from a variety of sources to finance public-sector expenditures.
As a subfield of public economics, fiscal federalism is concerned with "understanding which functions and instruments are best centralized and which are best placed in the sphere of decentralized levels of government" (Oates, 1999). In other words, it is the study of how competencies (expenditure side) and fiscal instruments (revenue side) are ...