Search results
Results from the WOW.Com Content Network
In modern public-finance literature, a whole economy of the tax system has developed (tax system economics), which can be defined as "the overall management of public revenue of a state or integration grouping's public revenues and expenditures in order to shape smart economic policies that stimulates economic growth and development and ...
Henry George had famously advocated for the replacement of all other taxes with a land value tax, arguing that as the location value of land was improved by public works, its economic rent was the most logical source of public revenue. [3] Subsequent studies generalized the principle and found that the theorem holds even after relaxing ...
Actual systems of public finance are more complex, and there is serious doubt about the relevance of considering a single marginal tax rate. [4] In addition, revenue may well be a multivalued function of tax rate; for instance, an increase in tax rate to a certain percentage may not result in the same revenue as a decrease in tax rate to the ...
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 .
The collection of revenue is the most basic task of a government, as the resources released via the collection of revenue are necessary for the operation of government, provision of the common good (through the social contract in order to fulfill the public interest) and enforcement of its laws; this necessity of revenue was a major factor in ...
He advocated public education for poor adults, a judiciary, and a standing army—institutional systems not directly profitable for private industries. Of the Principle of the Commercial or Mercantile System : The book has sometimes been described as a critique of mercantilism and a synthesis of the emerging economic thinking of Smith's time.
If available government revenue is insufficient to support the interest payments on bonds, a nation may default on its debts, usually to foreign creditors. Public debt or borrowing refers to the government borrowing from the public. It is impossible for a government to "default" on its equity since the total returns available to all investors ...
Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resources and/or foreign aid. An inefficient collection of taxes is greater in countries characterized by ...