Economic implications, Public Economics

Assignment Help:

The State attempts to oversee, as exemplified by Art. 39 (b) and (c) of our Constitution, that private activities may not cause harm to the common good and in case they do so corrective actions are taken by the State. The government does therefore intervene in a variety of matters, economic and non-economic. But concern of Public Economics is largely intervention into economic sphere much beyond fiscal politics as the sphere of economics is enlarging by day because, for instance, many environmental problems are being discovered to have economic implications. Yet Public Economics may also concern with the problems and pitfalls of public intervention as such or its particular forms.

Government should intervene in the economy is today a foregone conclusion but the manner in which and the extent to which it should continue to be an issue. It is needless to say that exact complexion of intervention will a great deal depend on the complexion of the economy as well as on people's choice (and perhaps the manner in which people choose to make the choice or are made to make the choice). Yet, it is broadly agreed that the government intervenes in the economy for influencing the allocation of resources between activities, keeping in view the present and the future, the distribution of resources between individuals and their collectivities, keeping in view again the present generation and the future generations. This is in the long run interest of the society. However, intervention may be needed for stabilizing certain parameters like growth, unemployment, prices, foreign exchange, etc. so that the economy does not get drifted away from its desired course. This became duly recognized in literature after Keynes though various States did come to rescue whenever people were in distress.

Should the intervention be direct by undertaking- owning, controlling and managing- a particular activity or somewhat direct through regulating it or indirect through tax-subsidy mechanism or even how much direct? The answer varies from society to society and changes in any society with changes in internal and external environment and mutation in technological innovations and institutional complexion.


Related Discussions:- Economic implications

Journal of liberalism, how to make summarize the basic tenets of the argume...

how to make summarize the basic tenets of the arguments in the case of Mark Davis 2010 of journal of liberty?

What makes a public opinion poll scientific, What makes a public opinion po...

What makes a public opinion poll scientific 1. To what extent do we really think about political issues as individuals, or are we more influenced by our environment -family, t

Importance of elasticities of demand and supply, QUESTION 1: Assuming t...

QUESTION 1: Assuming that you are a consultant on the ‘Light Rail' project and you are asked to forecast demand for this mode of transport. What are the forecasting techniq

Metals and melting practices - charging, Metals and Melting Practices - Cha...

Metals and Melting Practices - Charging,Coke,Flux,Hearth Charging : An operation in which raw materials are added up to a furnace. Coke : An impure form of carbon that is

Collectivist versus individualistic enforcement, It has been accepted to mo...

It has been accepted to most policy and development economists that among the most important sets of institution in an economy are those that provide for enforcement of contracts.

Show the traditional decision analysis, Q. Show the Traditional decision an...

Q. Show the Traditional decision analysis? Traditional decision analysis rests on the key assumptions about the type of information available to the decision maker. Powerful B

Identify the main purposes of its e-government website, QUESTION (i) ‘T...

QUESTION (i) ‘The area of E-Government encompasses three major domains. These domains address the problems that Government is too inefficient and ineffective; too selfserving a

Uses of revised indicators of national wealth, Normal 0 false ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd