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Lecture note Public finance (10th Edition) - Chapter 1: Introduction

In this chapter, the following content will be discussed: Defining the field of study, public finance and ideology, government at a glance: the legal framework, the mechanistic view vs. organic view of government, the u.s. constitution outlines the roles of and constraints placed on state, and federal government economic activity. | INTRODUCTION Chapter 1 Defining the Field of Study Public Finance – Field of economics that analyzes government taxation and spending activities. Public Sector Economics or Public Economics Terms that better capture the fundamental issues of this field of economics - government’s role in the allocation of real resources - that includes, but is not limited to, government’s financial behavior. Focus on microeconomic functions of government. 1- Public Finance and Ideology Organic view of government Society is a natural organism Government is the heart. Individuals are parts of the organism that have significance only as part of the community, which is stressed above the individual. Mechanistic view of government Government is not an organic part of society, but created by individuals for individuals. Libertarians vs. Social Democrats: Role of government 1- Government at a Glance: The Legal Framework Federal Government: Constitutional Provisions Article 1, Section 8 . | INTRODUCTION Chapter 1 Defining the Field of Study Public Finance – Field of economics that analyzes government taxation and spending activities. Public Sector Economics or Public Economics Terms that better capture the fundamental issues of this field of economics - government’s role in the allocation of real resources - that includes, but is not limited to, government’s financial behavior. Focus on microeconomic functions of government. 1- Public Finance and Ideology Organic view of government Society is a natural organism Government is the heart. Individuals are parts of the organism that have significance only as part of the community, which is stressed above the individual. Mechanistic view of government Government is not an organic part of society, but created by individuals for individuals. Libertarians vs. Social Democrats: Role of government 1- Government at a Glance: The Legal Framework Federal Government: Constitutional Provisions Article 1, Section 8 Congress will “pay the Debts and provide for the common Defense and general Welfare of the United States.” “The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises.” Article 1, Section 9 “No direct Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken”. 16th Amendment “Congress shall have power to levy and collect taxes ” 5th Amendment “No person shall be deprived of life, liberty, or property, without due process of law ” 1- Government at a Glance: The Legal Framework State Governments Federal Constitution gives state governments board autonomy to spend and tax. Federal Constitution 10th Amendment controls states’ international economic policy. States’ Constitutions vary in spending and taxing restrictions and the economic issues with which they deal. Local Governments Derive power to tax and spend from the States. Fiscal independence of local governments. 1- Government at a Glance: The Size of