Explain the philosophy of public finance

Fine art like music, sculpting, painting, drawing, dance, and literature have their origins in philosophical thought. The classical view of public finance could not meet the requirements of the then prevailing situation.

The financial statements can provide investors with the necessary information to assess the capacity of a government to service and repay its debt, a key element determining sovereign risk, and risk premia.

What is Philosophy?

Therefore, deficit budget and increase in public debt at such times is a thing to be welcomed. This is a good start.

This will be the latter. The government entities that operate for profit are usually manufacturing and financial institutions, services such as nationalized healthcare do not operate for a profit to keep costs low for consumers.

public finance

All contemporary disciplines grew out of philosophy. Further, it was thought that Government budget must be Explain the philosophy of public finance. In market-oriented economies with substantial state enterprise, such as in Venezuela, the state-run oil company PSDVA provides revenue for the government to fund its operations and programs that would otherwise be profit for private owners.

Public Finance: Meaning and Concept of Public Finance

Less creditworthy countries sometimes borrow directly from commercial banks or international institutions such as the International Monetary Fund or the World Bank.

Obama never promised to accept public financing if nominated. During a war, of course, public borrowing was considered legitimate but it was thought that the Government should repay or reduce the debt as soon as possible.

The GFSM provides a blueprint for the compilation, recording, and presentation of revenues, expenditures, stocks of assets, and stocks of liabilities.

It attempts to answer the purpose of life and of existence itself Public Finance implies financial matters relating to the government. It can show the divisive principle of knowledge. The Explain the philosophy of public finance disaggregates the general government into subsectors: Meaning and Concept of Public Finance Article shared by: This is the functional view of public finance in the context of the developing countries.

Thus, after Keynesian revolution public finance assumed a functional role of maintaining economic stability at full employment level. Like the risk of default of a private corporation, sovereign risk is a function of the level of debt, its ratio to liquid assets, revenues and expenditures, the expected growth and volatility of these revenues and expenditures, and the cost of servicing the debt.

Science, religion, mathematics, and politics all stem from philosophy. All good philosophical offerings need a premise to support or refute. Governments have majorly provided drive and initiative in this area and public sector finance is the instrument by which growth and development is initiated.

Philosophy is the study of general and fundamental problems concerning reality, existence, knowledge, values, reason, mind, and language.

Philosophia is a lover of wisdom, and PhiloMath is a lover of knowledge. For the source and more detailed information concerning this subject, click on the related links section Wikipedia indicated below this answer box.

Public sector finance in Nigeria has largely been responsible for the provision of Economic, social and political infrastructure in the growth of the Nigerian nation. In developing countries, public finance has to fulfill another important role. The role of public finance in Nigeria is to collect taxes fromcitizens.

Each and every thing you touch, think, feel, believe, and know is associated with the all-encompassing idea of philosophical thought. As an example, while both President Bush and Senator Kerry complied with the federal law in the campaign, both the Republican and Democratic parties raised and spent millions on their own in advertising that was significantly slanted toward their respective candidates.

Thus the budget which was previously meant to raise resources for limited activities of the Government assumed a functional role to serve as an instrument of economic regulation. Measuring the public sector[ edit ] The size of governments, their institutional composition and complexity, their ability to carry out large and sophisticated operations, and their impact on the other sectors of the economy warrant a well-articulated system to measure government economic operations.

Every single theory, concept, belief, doctrine, word, phrase, term, and claim can be attributed to philosophy. It is an attempt to apply logic to problems such as the nature of man, the discovery of his essence, to explain his behaviour, the nature of presence and to the understand the world about him.

In contrast to sophist, which refers to a paid teacher of philosophy and rhetoric in Ancient Greece, a philosopher is simply a "lover of wisdom" and not a professional in the field.

It is consistent with regionally accepted methodologies such as the European System of Accounts and consistent with the methodology of the System of National Accounts SNA and broadly in line with its most recent update, the SNADefinition of public finance: Collection of taxes from those who benefit from the provision of public goods by the government, and the use of those tax funds toward production and distribution of the public goods.

Public Budgeting Write a 3 page, APA-style paper in which you give an overview of public budgeting. Include the following topics: Explain the philosophy of public finance.

Contrast governmental accounting with nongovernmental accounting.

Public finance

ADVERTISEMENTS: Public Finance: Meaning and Concept of Public Finance! Meaning: In public finance we study the finances of the Government. Thus, public finance deals with the question how the Government raises its resources to meet its ever-rising expenditure. Public Finance is the term, which has traditionally been used or applied to the packages of those policy problems, which involve the use of tax and expenditure measures.

Public Finance

As a subject, public finance is a study of public sector economics. The purpose of this paper is to provide an overview of public finance and its philosophy. Public finance is a part of economics and related with those activities, which are associated with the payment of cooperative and governmental activities (Gaffney, ).

to the public" in significant ways that private residential lands are not. The philosophy of assessing residential use at lower rates than business and commercial use is a movement away from site value taxation.

The idea that "commercial" is a dirty word is alien to the site value tax philosophy.

Explain the philosophy of public finance
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