A public good is described as a product or service with a use that is not decided by any one person or persons, but by society as a whole. Effects of Public Expenditure on Production and Distribution: Having studied the causes of large increase in public expenditure, it will be useful to explain the effects of public expenditure on the production and distribution in the economy. According to the integral view, ‘administration’ is the sum total of all the activities – manual, clerical, managerial, etc., which are undertaken to realise the objectives of the organisation. Public Goods and Externalities, by Tyler Cowen, from the Concise Encyclopedia of Economics. ECONOMICS DEPARTMENT Thayer Watkins. ; Many public goods are provided more or less free at the point of use and then paid for out of general taxation or another general form of charge such as a licence fee. Decision making and forward planning go hand in hand with each other. Select Page. Decision making means the process of selecting one action from two or more alternative courses of action. The non-rival nature of consumption provides a strong case for the government rather than the market to provide and pay for public goods. NATURE OF PUBLIC ADMINISTRATION There are two views regarding the Nature of Public Administration, that is, Integral and Managerial. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. Most economic arguments for government intervention are based on the idea that the marketplace cannot provide public goods or handle externalities. In the words of Adam Smith: "The investment into the nature and principles of state expenditure and state revenue is called public finance". The Nature of Public Goods. Explain how public sector contributes to the economic development of a nation. Meaning of Public Finance. Public Finance: Definition and Explanation: Public finance, according to the traditional definition of the subject, is that branch of Economics which deals with, the income and expenditure of a government. asked Jul 16, 2017 in Economics by sforrest072 ( 128k points) Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to … explain the nature and scope of public economics Nature of Managerial Economics: The primary function of management executive in a business organisation is decision making and forward planning. In contrast, public goods are those things that all people can simultaneously benefit from. Public expenditure, if properly allocated and efficiently used, can have a wholesome effect on the economy. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. 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