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An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
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. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Economic system based on private ownership This article is about an economic system. For other uses, see Capitalism (disambiguation). "Capitalist" redirects here. For other uses, see Capitalist (disambiguation). Part of a series on Capitalism Concepts Austerity Business Business cycle ...
A directorial republic is a government system with power divided among a college of several people who jointly exercise the powers of a head of state and/or a head of government. Merchant republic: In the early Renaissance, a number of small, wealthy, trade-based city-states embraced republican ideals, notably across Italy and the Baltic.
Figure 1: General Government (IMF Government Finance Statistics Manual 2001(Washington, 2001) pp.13 Figure 2: Public Sector(IMF Government Finance Statistics Manual 2001(Washington, 2001) pp.15. The general government sector of a nation includes all non-private sector institutions, organisations and activities.
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 ...
Different variants of aggregative democracy exist. Under minimalism, democracy is a system of government in which citizens have given teams of political leaders the right to rule in periodic elections. According to this minimalist conception, citizens cannot and should not "rule" because, for example, on most issues, most of the time, they have ...