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The general government sector [1] includes all institutional units whose output is intended for individual and collective consumption and mainly financed by compulsory payments made by units belonging to other sectors, and/or all institutional units principally engaged in the redistribution of national income and wealth.
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military , law enforcement , public infrastructure , public transit , public education , along with public health care and those ...
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
Figure 1: General Government (IMF Government Finance Statistics Manual 2001(Washington, 2001) pp.13 Figure 2: Public Sector(IMF Government Finance Statistics Manual 2001(Washington, 2001) pp.15 The general government sector of a nation includes all non-private sector institutions, organisations and activities.
In economics, the potential "shifting" in resources from the private sector to the public sector as a result of an increase in government deficit spending is called crowding out. [13] The figure to the right depicts an outdated theory for the market for capital, otherwise known as the market for loanable funds .
The government fiscal balance is one of three major sectoral balances in the national economy, the others being the foreign sector and the private sector.The sum of the surpluses or deficits across these three sectors must be zero by definition.
The three-sector model adds the government sector to the two-sector model. [17] [18] Thus, the three-sector model includes (1) households, (2) firms, and (3) government. It excludes the financial sector and the foreign sector. The government sector consists of the economic activities of local, state and federal governments.
Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).