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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 ]
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 .
Richard Abel Musgrave (December 14, 1910 – January 15, 2007) was an American economist of German heritage. [1] His most cited work is The Theory of Public Finance (1959), described as "the first English-language treatise in the field," [2] and "a major contribution to public finance thought."
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.
Resource management is an important aspect of public budgeting, as it involves the allocation, utilization, and monitoring of financial, human, and other resources. Some key considerations in resource management of public budgeting include: prioritisation, efficiency, accountability, transparency, flexibility. [ 2 ]
The marginal cost of public funds (MCF) is a concept in public finance which measures the loss incurred by society in raising less revenues to finance government spending due to the distortion of resource allocation caused by taxation. [1]
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]
The government budget balance, also referred to as the general government balance, [1] public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting ) the budget balance is calculated using only spending on current ...