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Paper VB: Public Finance
Unit-1: Introduction to public economics
The nature, scope and significance of public economics
Unit-2: Forms and Functions of Government
Different forms of government – unitary and federal. Tiers of government in the federal form- Central, State, Local (Introductory discussion with examples).
Functions of Government - Economic functions -allocation, distribution and stabilization.
Regulatory functions of the Government and its economic significance.
Unit-3: Federal Finance
Federal Finance: Different layers of the government, Inter governmental transfer—horizontal vs. vertical equity.
Grants—merits and demerits of various types of grants—unconditional vs. conditional grants, tied grants, matching grants.
Unit-4: Public Goods and Public Sector
Concept of public goods—characteristics of public goods, national vs. local public goods, determination of provision of public good
Externality, concept of social versus private costs and benefits, merit goods, club goods.
Provision versus production of public goods. Market failure and public provision. Pricing of public goods—vertical summation
Unit-5: Government Budget and Policy
Government budget and its structure – Receipts and expenditure - concepts of current and capital account, balanced, surplus, and deficit budgets, concept of budget deficit vs. fiscal deficit, functional classification of budget. Concept of Revenue Deficit.
Budget, government policy and its impact. Budget multipliers.
Unit-6: Revenue Resources
Concept of tax, types of tax – direct tax and indirect tax, canons of taxation, subsidy, transfer policy.
Principles of taxation -Ability to Pay principle (brief discussion), Benefit Approach (Actual Examples)
Tax Design - introduction – truth seeking mechanism.
Unit-7: Tax Structure
Tax Design - introduction – truth seeking mechanism.
Effects of income tax on work effort, saving and risk bearing (just brief ideas).
Excess burden of indirect taxes
VAT, Goods and Services Tax (pros and cons).
Non-tax revenue resources-earnings from public undertakings, interest on loans.
Unit-8: Distribution and Stabilization
Instruments for stabilization
Public Debt---internal and external.
Public Finance and Public Choice: The Role of State.
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