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PUBLIC FINANCE-INTRO
BSC AGRI 2
PAE
UNIT 4
•1
Public Finance Defined
• Public finance is about the taxing and spending activities of the
government.
• Also known as “public sector economics” or “public economics.”
• Focus is on microeconomic functions of government – polices
that affect overall unemployment or price levels are left for
macroeconomics.
• Scope of public finance unclear – government has role in many
activities, but focus will be on taxes and spending.
•2
Public Finance and Ideology
• How should a government function in economic sphere?
• Organic view – community stressed above individual. Goals of
society set by the state.
• Mechanistic view – government is a contrivance created by
individuals to better achieve their individual goals. Individual,
not group, is at center stage.
– This is the viewpoint taken in the textbook.
•3
Government at a Glance
• Legal framework
– Federal government
• No real constraints on spending in Constitution
• Taxes must come originate in House of Representatives.
– Equal tax rates across states.
– Income tax came from 16th amendment to Constitution.
• Can run budget deficits
– State and local government
• Can impose spending / taxing restrictions on itself.
• Many states cannot run budget deficits.
•4
Government at a Glance
• Size of government – how to measure?
– Number of government employees
– Annual expenditures
• Purchases of goods and services, transfers, and
interest payments
• Unified budget – In 2001, $1.6 trillion spent at
federal level, and another $1.3 trillion at state and
local levels.
•5
Government at a Glance
• These numbers ignore activities that do
not have explicit outlays, but substantial
effects on resource allocation.
– Regulations, for example.
– Conceivably, could construct a “regulatory
budget” to account for these costs, but
difficult to compute.
•6

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Bsc agri 2 pae u-4.2 public finance

  • 1. PUBLIC FINANCE-INTRO BSC AGRI 2 PAE UNIT 4 •1
  • 2. Public Finance Defined • Public finance is about the taxing and spending activities of the government. • Also known as “public sector economics” or “public economics.” • Focus is on microeconomic functions of government – polices that affect overall unemployment or price levels are left for macroeconomics. • Scope of public finance unclear – government has role in many activities, but focus will be on taxes and spending. •2
  • 3. Public Finance and Ideology • How should a government function in economic sphere? • Organic view – community stressed above individual. Goals of society set by the state. • Mechanistic view – government is a contrivance created by individuals to better achieve their individual goals. Individual, not group, is at center stage. – This is the viewpoint taken in the textbook. •3
  • 4. Government at a Glance • Legal framework – Federal government • No real constraints on spending in Constitution • Taxes must come originate in House of Representatives. – Equal tax rates across states. – Income tax came from 16th amendment to Constitution. • Can run budget deficits – State and local government • Can impose spending / taxing restrictions on itself. • Many states cannot run budget deficits. •4
  • 5. Government at a Glance • Size of government – how to measure? – Number of government employees – Annual expenditures • Purchases of goods and services, transfers, and interest payments • Unified budget – In 2001, $1.6 trillion spent at federal level, and another $1.3 trillion at state and local levels. •5
  • 6. Government at a Glance • These numbers ignore activities that do not have explicit outlays, but substantial effects on resource allocation. – Regulations, for example. – Conceivably, could construct a “regulatory budget” to account for these costs, but difficult to compute. •6
  • 7. Government Expenditure • Some numbers • Annual expenditures have grown by a factor of 290 from 1929-2001. – Inflation, population also changing. Real, per-capita expenditure still 10 times as large. – As percentage of GDP, government expenditure was 9.6% in 1929, and 29.3% in 2001. •7
  • 9. Government Expenditure • United States versus other developed countries. • U.S. public sector is quite small compared to Sweden or France, and smaller than all the countries listed. • Although large, the U.S. government is small in relative terms. More reliance on private sector. •9
  • 11. Government Expenditure • In 1965 • National defense almost half of federal expenditure • Social security small & Medicare non-existent • Debt payments roughly constant. • In 2001 • Defense was less than one- fifth • Social security now largest spending item, Medicare large & growing •11
  • 13. Government Expenditure • Much of the government budget consists of entitlement programs – programs with costs determined by number of people who qualify. – Social Security, Medicare, welfare • Three-quarters of the federal budget is relatively uncontrollable, because of these entitlements. •13
  • 14. Government Expenditure • Federal government responsible for about 51% of direct expenditure. • State governments responsible for 21%. • Local governments responsible for 28%. – State & local governments primarily responsible for police & fire protection, education, transportation, and some welfare programs. •14
  • 15. Government Revenues • Federal taxes mainly consist of individual income taxes, payroll taxes, and corporate taxes. – Personal income tax 46% of collections. • State & local taxes mainly consist of property taxes, sales taxes, individual income taxes, and grants from federal government. – Less reliance now on property tax, more on income tax. •15
  • 16. Recap of Introduction • Public finance, definition • Views of government • Government expenditure • Government revenue •16
  • 17. Source • 1. Elementary economic theory - K.K. Dewett and J.D. Verma • 2. International Economics - B. Mishra • 3. Fundamentals of Agricultural Economics - A.N. Sadhu and A. Singh • 4. Economics - Paul A. Samelson and W.D. Nordhans (Pearson Publications)