PUBLIC FINANCE: POLITICAL PHILOSOPHY, ECONOMIC THEORY AND PRACTICE
Abstract
This paper provides a holistic overview of public finance and the issues
relating to its sustainability. It argues that a strategic approach recognises that
public finance must be considered in its totality as well as in terms of the services
and welfare benefits on which it is spent and the sources from which it is raised.
It considers the impact of the 2007-09 credit crunch on the public finances and
provides a checklist of strategic points to assess sustainability. This list assumes
the need to be prudent with public finance and provides a useful framework by
which to ensure adoption of a truly integrative, strategic and sustainable approach
to public sector spending, taxation, borrowing and debt. In doing so, it makes
clear that there is considerable scope for more effective and discriminating use of
public finance
Keywords
References
- Bailey S. J. (1999) Local Government Economics: Principles and Practice Basingstoke: Palgrave Macmillan.
- Bailey S. J. (2002) Public Sector Economics: Theory, Policy and Practice (2nd edition) Basingstoke: Palgrave Macmillan.
- Bailey S. J. (2004) Strategic Public Finance Basingstoke: Palgrave Macmillan.
- Bailey S. J. and Asenova D. (2009) The Impact of the 2007-09 Credit Crunch on the Funding of Public Sector Infrastructure in the UK Uprava Vol 7, No 1 [forthcoming].
- Fingland L. and Bailey S. J. (2008) The Stability and Growth Pact: Its Credibility and Sustainability Public Money and Management Vol 28, No 4 pp. 223-30.
Details
Primary Language
English
Subjects
Business Administration
Journal Section
Research Article
Authors
Publication Date
October 13, 2010
Submission Date
October 12, 2010
Acceptance Date
-
Published in Issue
Year 2009 Number: 52