Lecture Notes 1 - Public Economics Principles and Practice...

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Public Economics Principles and Practice Peter Abelson Applied Economics and University of Sydney
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Public Economics: Subject Outline: 10 Parts 1. Nature of Government 2. Markets and Government 3. Economic Evaluation and Policy 4. Public Choice 5. Building Economic Foundations 6. Public Supply of Goods and Services
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Public Economics: Outline (Cont.) 7. Public Finance and Taxation 8. Taxation in Practice 9. Social Welfare and Income Redistribution 10. Multi-Government Systems
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Public Economics Principles and Practice Part 1: Nature of Government Peter Abelson Applied Economics and Sydney University
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Chapter 1 Foundations of Public Economics Introduction to Issues Government and the State General Functions of Government Economic Functions of Government Historical Perspective Public Policy and Principles of Economic Analysis
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Introduction to Issues The defining attribute of government is power The mixed economy When and how should government intervene in the economy? Examples of topical public policy questions Fundamental questions: what are objectives and roles of government?
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Government and the State State and government defined Figure 1.1 : Typical Institutions of Government Role of Constitution and Bill of Rights Government consists of three main branches Budget and non-budget sectors Statutory authorities are also part of the public sector Government and the public sector Constraints on power of government
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Typical government institutions The Constitution Rules of the State Bill of Rights Head of State International Laws Legislature Executive Judiciary Houses of Parliament Prime Minister /  Cabinet Higher Courts Military Police Public Administration Statutory Authorities Public Trading Enterprises Lower Courts
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General Functions of Government Organic and mechanistic views of the state. Libertarians, Conservatives, Social Democrats, Socialists.
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Various views of role of government
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Economic Functions of Government Economics is the study of the use of scarce resources to maximise the welfare of the community For model of economy: see Figure 1.2 What is the role of government: - in production and exchange? - in distribution?
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The economic process Resources Inputs Processes Means Outputs Goods and Services Outcomes Welfare International trade Political institutions Labor, Capital Natural resources Technology Factor markets Product markets Public supply of goods Market goods Publicly provided goods Environmental goods Household goods Market income Non-market income Distribution of income Individual liberties International trade
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Efficiency of markets The efficiency of willing trades and markets The power of the ‘invisible hand’: prices and incentives create efficient outcomes. Households get the goods they want at least
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Lecture Notes 1 - Public Economics Principles and Practice...

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