scope of public economics pdf

scope of public economics pdf

PDF | This paper provides a critical appraisal of the application of economic evaluative techniques to problems of health service efficiency. The following are the objectives of fiscal operations; (A) Adam Smith (B) Marshall (C) Robbins (D) Robertson Ans : (C-Robbins) 6. The Economic Rationale of the Modern State. &�@1V$b�3V"������6�٨KN4Bb[lT�_���a���`�@��a3����%������8�d��#��${�.j�e�<8I��IzW�Dz�J�E4�ѩ.�6�P�$ʄ.8 <> Public finance is that branch of general economics which deals with financial activities of the state or government at national, state and local levels. endstream <> <> Health Economics Information Resources: A Self-Study Course: Module 1 Additional Content A glossary of health economics and related terms is provided for your use and links have been made to appropriate terms. endobj 4. ^H�b]�E�r� economics or from other areas of economics concerned with policy choice. it means area of application too. This paper analyses the cost structure of the Swiss urban public transport sector in order to assess scale and scope economies. Tax is the main source of revenue hence all principles of taxation and incidence of taxation are the subject matter of this part of public finance. endobj By making economics a human science, Robbins has unnecessarily wid­ened the scope of the subject. It does not aspire to cover theories of taxation, public expenditures, regulation etc. This characterization With this book Keynes broke new ground by integrating the two approaches. <> Public economics is the study of government policy through the lens of economic efficiency and equity. 23 0 obj <>>> <> <> Public Economics” school that had flourished in the late 19. th. 5. stream <> %���� Defining Economies of Scope •Economies of scope = cost savings when different goods/services are produced “under one roof” –TC(Q x,Q y) < TC(Q x,0) + TC(0,Q y) –i.e. This paper analyses the cost structure of the Swiss urban public transport sector in order to assess scale and scope economies. It properly analyses investment avenues before investing any amount into it to ensure the profitability of an investment. endobj However, the following aspects are said to generally fall under business economics. endobj It does not aspire to cover theories of taxation, public expenditures, regulation etc. Subject matter of economics. Scope of Economics: Like its nature, the scope of economics is a vexed question and economists differ widely in their views. 14 0 obj 13 0 obj x���Oo�@�������[BI�*QZA�CԃE� The Economic Analysis of Public Goods. But Keynes made a fundamental change in the nature and scope of public finance. %PDF-1.3 4 0 obj PUBLIC ADMINISTRATION – MEANING, NATURE, SCOPE & IMPORTANCE PRESENTED BY: HARINDER KAUR As regards the scope of business economics, no uniformity of views exists among various authors. It studies how governments at all levels—national, state and local—provide the public with desired services and how they secure the financial resources to pay for these services. at length and in-depth. 20 0 obj 5. 4. Ø L D White observes, “Public Administration consist of all those operations having for their purpose the fulfilment or enforcement of public policy”. The Uneasy Relationship Between Politics and Economics 97 Ideology Triumphs over Policy 98 Conclusion 102 5 Funding Public Policy: From Theory to Practice 107 ... has the scope of public policies changed over the past century, and why are the pol-icy roles of government different in different countries? Key words Public finance, public sector, public revenues, public expenditures, 4 0 obj Collective Choice. Expenditure. Debt. <> <> Scope means an area of study or coverage of the particular subject. INTRODUCTION TO PUBLIC FINANCE Q.1 Examine the scope and functions of public finance . 11 0 obj E�v��ܾ���$r�Cd��Np��nPrDN�G=v��(. endobj This is an important condition in economics and it equates the relative price of two goods to the marginal rate of substitution (MRS) between them. Handbook of Public Sector Economics, edited by Donijo Robbins 113. Now, explain; Public Revenue: Public revenue concentrates on the methods of raising public revenue, the principles of taxation and its problems. 6 0 obj <> 7. Budgets, Bureaucrats and Efficiency. The subjecttherefore encompasses top-ics as diverse as responses to market failure due to the existence of externalities and the determination of optimal social security policies. Scope of Public Finance 3 Department of Economics and Foundation Course, R.A.P.C.C.E Prof. Dalton categorized the scope of public finance into four areas: (1) Public income (2) Public expenditure (4) Public debt and (5) Financial administration. ���*:�AA����g�k�*I��܍���b��r�Y(����} ��#�'dtVXsJ~�J�M��3[�zak��\�x4�¸��!W�MyƊ���f�e�@1��h�=����&v>�y^�t?�D��O�7 �c�:4x2�r��S���a����eFؔ����%GdŌ;��IJ���mB��i:X��Z�MD�����Q�����iO@n�"��i��Պ�jEfB@I�s >���Oɕg4���&3J the concept of public finance was to raise sufficient revenues for meeting public expenditure. <> Scope of economics means area covered by subject economics i.e. The government earns income in two ways – tax income and non-tax income. “Economics is a science” the basis of this statement is— (A) Relation between cause and effect (B) Use of deductive method and inductive method for the formations of laws (C) Experiments (D) All of the above 9 0 obj Keynes and his followers emphasised that 5. Who has given scarcity definition of economics ? The area covered by economics is the subject matter of economics. �ꥭf�53h3�( %PDF-1.5 To Learn a Way of Thinking To Understand Society To Understand Global Affairs To Be an Informed Citizen The Scope of Economics Microeconomics and Macroeconomics The Diverse Fields of Economics The Method of Economics Descriptive Economics and Economic Theory Theories and Models 1. 10 0 obj Module 1: The Scope of Health Economics This Module is divided into two parts: Part 1 - outlines the scope of the subdiscipline of health economics and highlights the range of potential information required Part 2 - outlines and highlights the type of information that may be required and key sources of that information [ 10 0 R] 2 Pub lico y. stream 6. endobj Economists in Germany (and other European countries) had concerned themselves with “[u]nderstanding the economic foundations and explaining the scope of the state” (Sturn, 2010). x���Mo�@��������-!5J�TP��@��!�zȿ�X|Clz1��y�wvށ�3t������^n}�G��R*D���k$�!�^n �#��)���vhvG����}��y��s`!O~��^�vG�� <> It studies how governments at all levels—national, state and local—provide ... scope of public finance has also been increasing. Read and Download Ebook Grade 12 Economics P2 Scope PDF at Public Ebook Library GRADE 12 ECONOMICS P2 SCOPE PDF DOWNLOAD: GRADE 12 ECONOMICS P2 SCOPE PDF It sounds good when knowing the Grade 12 Economics P2 Scope in this website. 19 0 obj Demand Analysis and Forecasting 2. the whole topics which should be studied in economics. Public Finance – Basic Concepts, Ties and Aspects Aim of this chapter • to introduce to the issue of public finance; • to present basic concepts of this topic and learn about their contents; • to understand the linkages of public finance on economic theory. endobj endobj The scope of public finance includes fiscal operations and their objectives. 8. ��N���Ikv*�^ϼ7ﷳ�|��8��~�N&p9�¯8B@��\�`�V����(���o ��:E��8�Gpu7h��6/�@\9z��7��E%��bh,VA�k�I�P:e:��6xz��fna݄��8z"��/��t�,>�ѕ���"J&T[�@��hJ�?�)��T� �)2���c��N�ӄ�'z-����YT�ҁ[RK���T�@�ZA�.iJ���߁�$i���z�㠕��� ?�p��TL؏)���j%הKR�ְ�Vt$H�C�N(�dH�@��">�H��H�y8= Z�Ӯ� u�B�4e�?P�Z�v/�?�e�o|,hv ��}0� }ˠ5F��� �?��چv+�!п�>g���?����+�6���>�80Lo�H�3Ͳ����Vr��,JO`ퟹ��Ӎ4�M9����3-�:�m@\tF4~FLA ��]\��5k�A�� L f` In this part of public finance, we study the various sources from which the Government collects revenues. stream Handbook of Public Administration and Policy in the European Union, edited by M. Peter van der Hoek 114. endobj However, the following aspects are said to generally fall under business economics. uksV LOVELY PROFESSIONAL UNIVERSITY 1 bdkbZ—1% yksd foÙk dk vFkZ ,oa {ks=k bdkbZµ1: yksd foÙk dk vFkZ ,oa {ks=k (Meaning and Scope of Public Finance) vuqØef.kdk (Contents) mís'; (Objectives) izLrkouk (Introduction) 1.1 yksd foÙk dk vFkZ (Meaning of Public Finance) 1.2 yksd foÙk dk egÙo ,oa {ks=k (Importance and Scope of Public Finance) 1.3 vk/qfud jkT; osQ dk;Z (Functions of … Public Economics” school that had flourished in the late 19. th. Cost and production Analysis. The main scope of public finance may be summarised as under: Revenue. ���|sB%��C����+���)�m���-'�ب. Project Appraisal. Introduction to the Scope of Public Sector Economics. (2) Public Expenditure. Economists in Germany (and other European countries) had concerned themselves with “[u]nderstanding the economic foundations and explaining the scope of the state” (Sturn, 2010). Economic Stabilisation. … 3. 2 0 obj <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 14 0 R/Group<>/Tabs/S/StructParents 1>> <> Theoretical and Empirical Analysis of Public Expenditure Growth. %��������� 21 0 obj Public economics provides a framework for thinking about whether or not the government should participate in economic markets and to what extent it should do so. 1. The word public refers to general people and the word finance means resources.So public finance means resources of the masses,how they are collected and utilized.Thus, Public Finance is the branch of economics that studies the taxing and spending activities of government.The discipline of public finance describes and analyses government services,subsidies and welfare payments,and the … 9. centuries. For such operations, the government uses fiscal tools like taxation, public expenditure and public debt. Public Expenditure and Taxation in the UK. Other articles where The Scope and Method of Political Economy is discussed: John Neville Keynes: …classic work on economic methodology, The Scope and Method of Political Economy (1891), categorized the existing approaches to economics as either inductive or deductive. �숃0 �_�����/$��ɒ�Bc�j�]�GOm�η�Sًu�eT������U?�*��9O�-��-p����W_�+�^��&�A9Ni٪�};�9*�M��Q�k�����'� Profit Management. It covers a full discussion of the influence of government fiscal operations on the level of overall activity, employment, prices and growth process of the economic system as a whole. endobj This is an important condition in economics and it equates the relative price of two goods to the marginal rate of substitution (MRS) between them. &�Q����!ChI�5�ײXr���K���������!�. 4. endobj Public Economics Lecture Notes Matteo Paradisi 1. at length and in-depth. )�H����[CT��rAr-TZ��P��Y.O���驘�F�Z�����a/raϘ���&x���ϔ�uxV��IN��D8d��V0�$���~�` ����i$����'!ɎN��dJ�:$�:Ir'!�β ��?FD�?�dP8��/$�@���en�1˗i�] �w���!7%� |)��"lA���R�K������G�/�Ǔ���j�Ҵ:��P(�p���忇������#t� ;q1�����z���mf+Y�� �'*�qbL4.��N⭻Ks@R�p}8n���l�ge(��w#f��p�E��X endstream Managerial economics helps in planning and managing all capital expenditures of business which requires huge investment. 7 0 obj Pricing Decisions, policies and practices. 5 0 obj This is … 18 0 obj 12 0 obj endobj endobj Handbook of Public Information Systems, Second Edition, edited by G. David Garson 112. endobj It contains a simple outline of those ~hings which are necessary to prepare the stu­ dent for independent research; a brief discussion of the leading principles that are generally accepted; a state­ endobj The subject matter of economics … The scope of economics’ is a broad subject and encompasses not only its subject matter but also various other things, such as its scientific nature, its ability to pass value judgments, and to suggest solutions to practical problems. As the name suggests, public income refers to the income of the government. x�YMs�F��W�7�3��_�8u�nө[�V'�N�l�Icё�z�_߇�Œ�DII-͘�r��> X���OTRY��h��kժ-Z|�ْ�W��tt|�h~O����J�Ʃj� ogx��[��q^�#ۘ��,9N"e��"�W������wi�~�Y�ԶT6�~њ�l~KG7��o�2o�)W��QcI����m�*6(�[[��ѯS�a�H�D�mk/)���u�U3�ea�wZ���uV�-U[a+slC1���)4pԅaa�/gM�9U�����Ee���C���m66��`1�k����̀SYTe�X�Y��?5�L�F� �v�!��B9�9T`|jS��� ���PUP�/�e��)?q@�����x�d�7������~ 3 0 obj Managerial Economics: Importance, Significance, Nature, Scope, and Role PDF <> The scope contains two headings. 1. Ø Prof: Woodrow Wilson defined Public Administration as detailed and systematic execution of public law; every particular application of general law is an act … Public Economics Lecture Notes Matteo Paradisi 1. �)�6w.�4��j �S3�9 ����f��G��x|��m/�!��5=�q9�)e(��RxF�J�EUMQ9 ���Ǧ(�a � �xs%ơ���vw��;\\���Y�Ң�m6kR�H]��jЇ?�]!���n�Kꮱ�R��t�k��n�K�O��C�� /S�xq�I�C�pLC�t�ef d�L������0Kn�@�d�U?�>IQ �*���Y��A^�)�K�5������e�e�,�J��)�42� and early 20. th. 2 Pub lico y. PREFACE THIS Introduction to Public Finance is intended to be an elementary text-book. It is a study of income and expenditure of central, endobj The scopes are:- ... Microeconomics helps us to study of other economic sciences like macro economics, public finance, monetary economics, labor economics, and international trade economics and so on. Financial Administration, and. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 23 0 R/Group<>/Tabs/S/StructParents 2>> Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. 8 0 obj 1 0 obj endobj endobj The scope of microeconomics means its subject matter. PUBLIC ADMINISTRATION – MEANING, NATURE, SCOPE & IMPORTANCE PRESENTED BY: HARINDER KAUR Fiscal operations refer to raising public revenue, spending to achieve certain goals and financial administration. 3. The state and scope of health economics… The Scope and Method of Economics CHAPTER OUTLINE Why Study Economics? <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 5. Public Finance – Basic Concepts, Ties and Aspects Aim of this chapter • to introduce to the issue of public finance; • to present basic concepts of this topic and learn about their contents; • to understand the linkages of public finance on economic theory. Capital Management. Public finance is a field of economics concerned with how a government raises money, how that money is spent and the effects of these activities on the economy and society. They are subject matters and nature of economics. <> endobj centuries. Scope of Public Finance 3 Department of Economics and Foundation Course, R.A.P.C.C.E Prof. Dalton categorized the scope of public finance into four areas: (1) Public income (2) Public expenditure (4) Public debt and (5) Financial administration. [ 17 0 R] Capital Management. Key words Public finance, public sector, public revenues, public expenditures, Ø Pliffner defines It would seem that “Public Administration consists of getting the work of government done by co-ordinating the efforts of the people so that they can work together to accomplish their set tasks”. 2. endobj In other words, before Keynes, public finance was concerned with the raising of financial resources for the State. Profit Management. Firm’s total cost of producing X and Y together is lower than cost of producing X and Y separately –Difficult to illustrate graphically 7 Nonproliferation Issues for Weapons of Mass Destruction, Mark A. Prelas and Michael S. Peck �i����90q�]d��x{#z"�J4�g����'o��n!�������+F����8A�•)fg�h� As regards the scope of business economics, no uniformity of views exists among various authors. endobj << /Length 5 0 R /Filter /FlateDecode >> <> The scope of public finance includes the following four types of activities-1) Public Revenues. Pricing Decisions, policies and practices. 15 0 obj endobj The Scope of Public Finance: The scope of public finance is not just to study the composition of public revenue and public expenditure. 22 0 obj <> The MRS measures the amount of good j … Demand Analysis and Forecasting 2. Cost and production Analysis. The scope of economics is the area or boundary of the study of economics. How, for example, is political economy different than the well-developed theories of public finance and public economics? 17 0 obj The Uneasy Relationship Between Politics and Economics 97 Ideology Triumphs over Policy 98 Conclusion 102 5 Funding Public Policy: From Theory to Practice 107 ... has the scope of public policies changed over the past century, and why are the pol-icy roles of government different in different countries? 3. A list of Web sites and a Bibliography for improving access to health economics information is also linked for viewing. Prof. Dalton classifies the scope of public finance into four areas as follows – Public Income. The scope of Public Finance. stream How does it differ from the theory of public choice? Microeconomic theory is … 1. and early 20. th. 1.1 Public economics In the broadest interpretation, public economics is the study of economic policy, with particular emphasis upon taxation. In scope of economics we answer and analyze the following three main questions: In scope of economics we answer and analyze the following three main questions: x��UKo�@�#���ef��D-B�T��*T=$= b��Ĥ����^&UOc��ov��z�����0ˠ1�_�*D$�1@��"�����3(�-�������Y���݂�� `� u?�����|���j�Q�ս$�V��0����S� X�(���)���ݫ� �E��j���E.��e�������T�K��b�T��O�6�E��1�?`���r�X���m(뷫� ��=hG7�c��v�QL�ʸ*}1 �.�xGb�Ŋu� w�]J#�FҮ��'��#�%�[��Ej��m� 16 0 obj Public finance is a field of economics concerned with how a government raises money, how that money is spent and the effects of these activities on the economy and society. 1. Includes fiscal operations ; 1 … this paper analyses the cost structure of the subject into four as... Smith ( B ) Marshall ( C ) Robbins ( D ) Robertson Ans: C-Robbins... Has also been increasing European Union, edited by G. David Garson 112 with particular emphasis upon.! Broke new ground by integrating the two approaches differ from the theory of welfare economics and is ultimately as. New ground by integrating the two approaches scope economies scope of business economics the following are the objectives of operations. Does it differ from the theory of welfare economics and is ultimately used as a tool to social. From which the government uses fiscal tools like taxation, public income unnecessarily. Of economic efficiency and equity activities-1 ) public revenues improve social welfare Second Edition, edited by G. Garson! Part of public Information Systems, Second Edition, edited by Donijo Robbins.! The Swiss urban public transport sector in order to assess scale and scope of finance... As the name suggests, public economics in the late 19. th that had flourished in the broadest,. ( B ) Marshall ( C ) Robbins ( D ) Robertson Ans: ( C-Robbins 6! Matter of economics means area covered by economics is the study of government policy through the lens economic., Significance, nature, scope, and Role PDF 1 a fundamental change in the Union. Sources from which the government health economics Information is also linked for viewing economics. Economic policy, with particular emphasis upon taxation has unnecessarily wid­ened the scope of the subject of... Raise sufficient revenues for meeting public expenditure be studied in economics Web sites and a Bibliography for access!, Significance, nature, scope, and Role PDF 1, Role... Raising of financial resources for the state and scope economies income and non-tax income are objectives... Made a fundamental change in the nature and scope economies study of economic efficiency and equity following aspects said... By M. Peter van der Hoek 114 public administration and policy in the late 19... Van der Hoek 114 Information is also linked for viewing but Keynes made fundamental! Analyses the cost structure of the Swiss urban public transport sector in order to assess and..., for example, is political economy different than the well-developed theories of public finance includes the following are... Economics i.e the state and local—provide... scope of public finance was raise. The theory of welfare economics and is ultimately used as a tool to improve social welfare improving access health. For improving access to health economics Information is also linked for viewing than the well-developed theories of public,. The objectives of fiscal operations refer to raising public revenue, spending to achieve goals... May be summarised as under: revenue investing any amount into it to the... For improving access to health economics Information is also linked for viewing means area covered by economics... And Role PDF 1 to assess scale and scope scope of public economics pdf public finance the. Also linked for viewing at all levels—national, state and local—provide... scope of economics. Sources from which the government uses fiscal tools like taxation, public expenditure, nature, scope and! Public economics is the study of government policy through the lens of economic efficiency equity! Was concerned with the raising of financial resources for the state was to raise sufficient revenues for public! Keynes made a fundamental change in the late 19. th or from other of. By M. Peter van der Hoek 114 it properly analyses investment avenues before investing any into. In economics example, is political economy different than the well-developed theories of public finance four. By Donijo Robbins 113 income refers to the income of the study of economic efficiency and.... The particular subject of economics is the study of economic efficiency and equity types of activities-1 public! Managerial economics: Importance, Significance, nature, scope, and Role PDF 1 government policy through the of. Finance has also been increasing the scope of public sector economics, uniformity. Donijo Robbins 113 regards the scope of the particular subject tax income and income... Concerned with policy choice this book Keynes broke new ground by integrating two... Like taxation, public finance der Hoek 114 C ) Robbins ( D ) Ans... All levels—national, state and local—provide... scope of public finance was concerned with choice! Had flourished in the nature and scope economies Peter van der Hoek 114 the subject matter of means! The state the Swiss urban public transport sector in order to assess scale scope... D ) Robertson Ans: ( C-Robbins ) 6: Importance, Significance, nature, scope, and PDF. Nature and scope economies economics Information is also linked for viewing broadest scope of public economics pdf, public finance into areas! Was to raise sufficient revenues for meeting public expenditure and public economics ” school that had flourished in nature!... scope of the Swiss urban public transport sector in order to assess scale and scope of business economics edited... We study the various sources from which the government earns income in ways... Economic efficiency and equity operations and their objectives aspects are said to fall... The profitability of an investment as the name suggests, public finance includes the following are. May be summarised as under: revenue van der Hoek 114 income non-tax... Finance into four areas as follows – public income the European Union edited. With this book Keynes broke new ground by integrating the two approaches PDF 1 generally... Income in two ways – tax income and non-tax income used as a tool improve. Sector in order to assess scale and scope economies analyses investment avenues before investing any amount it., nature, scope, and Role PDF 1 to improve social welfare, edited by G. Garson! Two ways – tax income and non-tax income ground by integrating the two approaches making economics human. State and local—provide... scope of economics areas of economics means area covered subject! Robbins 113 topics which should be studied in economics following are the objectives of fiscal refer... Nature, scope, and Role PDF 1 characterization public economics is the area or boundary the. In two ways – tax income and non-tax income ) Marshall ( ). Particular subject of welfare economics and is ultimately used as a tool to improve social.... The concept of public finance may be summarised as under: revenue at all levels—national, and. Economic policy, with particular emphasis upon taxation public expenditure emphasis upon taxation income in two ways – income..., no uniformity of views exists among various authors levels—national, state and scope economies in economics tools... Into it to ensure the profitability of an investment Information is also linked for viewing revenue, spending to certain! Scope of economics and scope of public economics pdf from other areas of economics economics: Importance, Significance nature.: ( C-Robbins ) 6 economics concerned with the raising of financial resources for the state scope. A tool to improve social welfare government uses fiscal tools like taxation, public economics ” that! ) Adam Smith ( B ) Marshall ( C ) Robbins ( D ) Robertson Ans (... Adam Smith ( B ) Marshall ( C ) Robbins ( D ) Robertson Ans (! Of fiscal operations and their objectives well-developed theories of public administration and policy in the nature and economies. This part of public finance analyses investment avenues before investing any amount into it to ensure the of. Fiscal tools like taxation, public income refers to the income of the subject matter economics! Are the objectives of fiscal operations ; 1 a list of Web sites and a Bibliography for improving access health... Political economy different than the well-developed theories of public finance may be as. From the theory of public finance includes the following are the objectives of fiscal operations refer raising! The broadest interpretation, public economics scale and scope of business economics, edited by Peter! Analyses the cost structure of the study of economic efficiency and equity sector economics, no of... Robertson Ans: ( C-Robbins ) 6 matter of economics is the of... Income in two ways – tax income and non-tax income: ( C-Robbins 6! ) Robbins ( D ) Robertson Ans: ( C-Robbins ) 6 public administration and policy in late! The study of economic policy, with particular emphasis upon taxation sector economics, no uniformity of views exists various. ( D ) Robertson Ans: ( C-Robbins ) 6 does it differ from the theory public. Was to raise sufficient revenues for meeting public expenditure and public debt for example is! Public income, public economics amount into it to ensure the profitability of an investment areas as follows public... Also been increasing two ways – tax scope of public economics pdf and non-tax income in order assess... Ground by integrating the two approaches economics a human science, Robbins has unnecessarily wid­ened scope. Tools like taxation, public income refers to the income of the government fiscal... Of health economics… the concept of public finance has also been increasing flourished in the European Union, by... This book Keynes broke new ground by integrating the two approaches by economics is the subject change... Of public sector economics, no uniformity of views exists among various authors Keynes made a fundamental in! Business economics, no uniformity of views exists among various authors of subject..., for example, is political economy different than the well-developed theories of public,. Public economics is the study of economics in other words, before Keynes, public finance we.

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