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1、Chapter1-IntroductionPublicEconomics1PublicFinanceDefinedPublicfinanceisaboutthetaxingandspendingactivitiesofthegovernment.Alsoknownas“publicsectoreconomics”or“publiceconomics.”Focusisonmicroeconomicfunctionsofgovernment–policesthataffectoverallunemploymentorp
2、ricelevelsareleftformacroeconomics.Scopeofpublicfinanceunclear–governmenthasroleinmanyactivities,butfocuswillbeontaxesandspending.2PublicFinanceandIdeologyHowshouldagovernmentfunctionineconomicsphere?Organicview–communitystressedaboveindividual.Goalsofsocietys
3、etbythestate.Mechanisticview–governmentisacontrivancecreatedbyindividualstobetterachievetheirindividualgoals.Individual,notgroup,isatcenterstage.Thisistheviewpointtakeninthetextbook.3GovernmentataGlanceLegalframeworkFederalgovernmentNorealconstraintsonspending
4、inConstitutionTaxesmustcomeoriginateinHouseofRepresentatives.Equaltaxratesacrossstates.Incometaxcamefrom16thamendmenttoConstitution.CanrunbudgetdeficitsStateandlocalgovernmentCanimposespending/taxingrestrictionsonitself.Manystatescannotrunbudgetdeficits.4Gover
5、nmentataGlanceSizeofgovernment–howtomeasure?NumberofgovernmentemployeesAnnualexpendituresPurchasesofgoodsandservices,transfers,andinterestpaymentsUnifiedbudget–In2001,$1.6trillionspentatfederallevel,andanother$1.3trillionatstateandlocallevels.5GovernmentataGla
6、nceThesenumbersignoreactivitiesthatdonothaveexplicitoutlays,butsubstantialeffectsonresourceallocation.Regulations,forexample.Conceivably,couldconstructa“regulatorybudget”toaccountforthesecosts,butdifficulttocompute.6GovernmentExpenditureSomenumbersAnnualexpend
7、itureshavegrownbyafactorof290from1929-2001.Inflation,populationalsochanging.Real,per-capitaexpenditurestill10timesaslarge.AspercentageofGDP,governmentexpenditurewas9.6%in1929,and29.3%in2001.7Table1.1GovernmentExpenditureUnitedStatesversusotherdevelopedcountrie
8、s.U.S.publicsectorisquitesmallcomparedtoSwedenorFrance,andsmallerthanallthecountrieslisted.Althoughlarge,theU.S.governmentissmallinrelativeterms.Morerelianceonprivatesector.9Table1
