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Public Finance in Theory and Practice, McGraw-Hill. Richard A. Musgrave and Alan T. Peacock, ed. ([1958] 1994). Classics in the Theory of Public Finance, Palgrave Macmillan. Description and contents. Edwin J. Perkins, American public finance and financial services, 1700-1815 (1994) pp 324–48. Complete text line free; Joseph E. Stiglitz (2000).
The benefit principle is a concept in the theory of taxation from public finance.It bases taxes to pay for public-goods expenditures on a politically-revealed willingness to pay for benefits received.
The applications of the marginal cost of public funds include the Samuelson condition for the optimal provision of public goods and the optimal corrective taxation of externalities in public economic theory, the determination of tax-smoothing policy rules in normative public debt analysis and social cost-benefit analysis common in practical ...
[3] [4] There is a later version of the benefit theory known as the "voluntary exchange" theory. [5] Under the benefit theory, tax levels are automatically determined, because taxpayers pay proportionately for the government benefits they receive. In other words, the individuals who benefit the most from public services pay the most taxes.
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.
Verne B. Lewis: argued for a budgeting theory based on economic values; strongly contributing to the study of public finance. [18] Richard A. Musgrave: the Father of Public Finance; identified the three roles of government in the economy: allocation of resources, distribution of goods and services, and economy stabilization. [19]
Budget theory is the academic study of political and social motivations behind government and civil society budgeting. Classic theorists in Public Budgeting include Henry Adams , William F. Willoughby , V. O. Key, Jr. , and, more recently, Aaron Wildavsky .
Welfare economics and public finance theory, in which he popularised the Lindahl–Bowen–Samuelson conditions (criteria for deciding whether an action will improve welfare) and demonstrated in 1950 the insufficiency of a national-income index to reveal which of two social options was uniformly outside the other's (feasible) possibility ...