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Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. [1] Within academic settings, public finance is a widely studied subject in many branches of political science , political economy and public economics .
Public budgeting is a field of public administration and a discipline in the academic study of public administration. Budgeting is characterized by its approaches, functions, formation, and type. Budgeting is characterized by its approaches, functions, formation, and type.
Government spending or expenditure includes all government consumption, investment, and transfer payments. [1] [2] In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.
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 .
[5] [6] [7] As long as there is sufficient accounting profit, governments can collect a portion of economic rent for the purpose of public finance. For example, economic rent can be collected by a government as royalties or extraction fees in the case of resources such as minerals and oil and gas.
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Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. [3]The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to ...
The core of the 'golden rule' framework is that, as a general rule, policy should be designed to maintain a stable allocation of public sector resources over the course of the business cycle. Stability is defined in terms of the following ratios: The ratio of public sector net worth to national income