- "Government spending or expenditure includes all government consumption, investment, and transfer payments."
Public expenditure is the spending of government money on goods and services. Public economics examines the principles of efficient public expenditure and the tradeoffs involved in designing a public expenditure system.
Public Goods: Goods and services that are provided by the government for the benefit of its citizens.
Externalities: Economic and social costs or benefits that are not reflected in market prices, typically associated with pollution or public health.
Government Failure: Situations in which government intervention in the economy leads to inefficient outcomes, including misallocation of resources, moral hazard, and rent-seeking.
Taxation: The various types of taxes that are levied by governments, including income tax, sales tax, and property tax.
Fiscal Policy: Government policies aimed at managing the economy, including spending and taxation policies.
Budgeting: The process of planning and managing government finances, including the allocation of resources for public goods and services.
Debt and Deficits: The accumulation of government debt and budget deficits, and their impact on the economy and public finances.
Social Insurance Programs: Programs designed to provide financial protection against risks such as unemployment, disability, and old age.
Education Policy: Government policies aimed at improving access to education and ensuring that citizens are prepared for the workforce.
Healthcare Policy: Policies aimed at improving access to healthcare services, and ensuring that citizens are healthy and able to work.
Environmental Policy: Policies aimed at protecting the environment, including regulations aimed at reducing pollution and mitigating climate change.
Infrastructure Investment: Public investment in critical infrastructure projects such as roads, bridges, and airports.
Welfare Programs: Programs designed to provide financial assistance to those in need, including food stamps, housing assistance, and unemployment benefits.
Public Choice Theory: A branch of economics that examines how individuals and groups make decisions about public policies, including the influence of special interest groups and political organizations.
Labor Market Policy: Policies aimed at improving labor market outcomes, including minimum wage laws, labor standards, and workforce development programs.
Competition Policy: Policies aimed at promoting competition and preventing monopolies and anti-competitive practices.
Economic Development Programs: Programs aimed at promoting economic growth and development, including investment in science and technology, and development of new industries.
Trade Policy: Policies aimed at regulating international trade, including tariffs, subsidies, and other measures designed to protect domestic industries.
Monetary Policy: Government policies aimed at managing the money supply and controlling inflation, typically carried out by central banks.
Public-Private Partnerships: Collaborative efforts between government and private sector entities to provide public goods and services.
Social Expenditure: This type of public expenditure is aimed at providing social services to the people, such as education, healthcare, and social security.
Defense Expenditure: Defense expenditure is the allocation of resources by the government to finance national security and military activities.
Infrastructure Expenditure: Public expenditure on infrastructure includes the provision and maintenance of public amenities such as roads, bridges, ports, airports, and other public utilities necessary to support economic activity and growth.
Environmental Expenditure: Environmental expenditure aims to improve the environmental quality of the country through various projects and policies that promote renewable energy, sustainable development, and sustainable resource use.
Debt Service: Debt service is the cost of servicing public debt. This includes both interest and principal repayments.
Public Administration Expenditure: Public administration expenditure is the cost associated with running the government, such as salaries of government employees, office rent, and government utilities.
Law and Order Expenditure: Law and order expenditure relates to the provision of public safety, criminal justice services, and the maintenance of public order.
Economic Affairs Expenditure: Economic affairs expenditure includes public spending to promote economic growth and development, such as support for small and medium-sized enterprises, trade, and industry.
Research and Development Expenditure: Research and development expenditure is aimed at promoting innovation and improving technology in various sectors of the economy.
Foreign Aid Expenditure: Foreign aid expenditure refers to the financial assistance provided by one country to another, either as a gift or a loan. Such assistance is generally aimed at promoting economic and social development in the recipient country.
- "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."
- "Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation)."
- "These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product."
- "Government spending can be financed by government borrowing, taxes, custom duties, the sale or lease of natural resources, and various fees like national park entry fees or licensing fees."
- "When Governments choose to borrow money, they have to pay interest on the money borrowed."
- "Changes in government spending are a major component of fiscal policy used to stabilize the macroeconomic business cycle."
- "Public expenditure is spending made by the government of a country on collective or individual needs and wants of public goods and public services."
- "Examples include pension, healthcare, security, education subsidies, emergency services, infrastructure, etc."
- "Until the 19th century, public expenditure was limited due to laissez faire philosophies."
- "In the 20th century, John Maynard Keynes argued that the role of public expenditure was pivotal in determining levels of income and distribution in the economy."
- "Public expenditure plays an important role in the economy as it establishes fiscal policy and provides public goods and services for households and firms."
- "Government borrowing, taxes, custom duties, the sale or lease of natural resources, and various fees."
- "The acquisition of goods and services for current use to directly satisfy the individual or collective needs of the community."
- "Infrastructure investment or research spending."
- "Government spending on final consumption and gross capital formation are major components of gross domestic product."
- "When Governments choose to borrow money, they have to pay interest on the money borrowed."
- "Changes in government spending are a major component of fiscal policy used to stabilize the macroeconomic business cycle."
- "It establishes fiscal policy and provides public goods and services for households and firms."
- "Pension, healthcare, security, education subsidies, emergency services, infrastructure, etc."