Finance in Public Term Paper

Pages: 3 (851 words)  ·  Style: APA  ·  Bibliography Sources: 2  ·  File: .docx  ·  Level: Master's  ·  Topic: Economics

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Finance

In public finance, there are a number of ideas that are used to discuss specific concepts and strategies. This helps administrators to comprehend what is happening and the long-term effects of various events on their fiscal position. To fully understand how they are applied requires carefully examining the fundamentals of public finance, the euimarginal principle, pareto criterion, the justification for government action, public choice and how these topics relate to the budgetary process. Together, these elements will highlight the different strategies that are utilized for discussing various ideas and how they are impacting public entities. (Ekstedt, 2012) (Holzer, 2011)

The fundamental principles of public finance

The fundamental principles of public finance are to collect enough taxes and utilize them to effectively provide numerous services everyone is demanding. This is focused on three different areas to achieve these larger objectives. The most notable include: the efficient allocation of resources, the distribution of income and macroeconomic stability. These factors work in conjunction with each other to ensure that the government is meeting the needs of the people. (Ekstedt, 2012) (Holzer, 2011)

The efficient allocation of resources; is when administrators are making sure that the government is providing services in areas where they are needed the most and reducing any kind of waste. The distribution of income is where local officials will supply resources to ensure that the community can address the challenges impacting various segments (such as: the homeless and low income demographics). During this process, they are focused on meeting the objectives of the needy and reducing the negative impact of specific events on them. Macroeconomic stability is when the government is working to ensure that the economy functions properly by attracting jobs and local businesses to the area. These elements are designed to ensure that needs of the community is met and that the region can experience sustainable economic growth over the long-term. (Ekstedt, 2012) (Holzer, 2011)

The equimarginal principle, pareto criterion and the justification for government action

The equimarginal principle is a tool that is used by officials to examine the different alternatives and courses of action. This helps them to identify the best approaches for allocating various resources in the process and the lasting impact it will have on the community. The pareto criterion is used to evaluate the needs of voters and what issues are most important to them. This assists administrators in determining what areas should receive the most critical amounts of attention and resources. The justification for government action is when elected officials will demonstrate how their policies and… [END OF PREVIEW]

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Finance in Public.  (2013, June 18).  Retrieved December 13, 2019, from https://www.essaytown.com/subjects/paper/finance-public/6544099

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"Finance in Public."  18 June 2013.  Web.  13 December 2019. <https://www.essaytown.com/subjects/paper/finance-public/6544099>.

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"Finance in Public."  Essaytown.com.  June 18, 2013.  Accessed December 13, 2019.
https://www.essaytown.com/subjects/paper/finance-public/6544099.