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1、INTRODUCTIONChapter 1Defining the Field of StudyPublic Finance Field of economics that analyzes government taxation and spending activities.Public Sector Economics or Public EconomicsTerms that better capture the fundamental issues of this field of economics - governments role in the allocation of r
2、eal resources - that includes, but is not limited to, governments financial behavior. Focus on microeconomic functions of government. 1-2Public Finance and IdeologyOrganic view of governmentSociety is a natural organism Government is the heart.Individuals are parts of the organism that have signific
3、ance only as part of the community, which is stressed above the individual.Mechanistic view of governmentGovernment is not an organic part of society, but created by individuals for individuals. Libertarians vs. Social Democrats: Role of government1-3Government at a Glance:The Legal FrameworkFederal
4、 Government: Constitutional ProvisionsArticle 1, Section 8Congress 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“Nodirect Tax shall be laid, u
5、nless 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 bedeprived of life, liberty, or property, without due process of law”1-4Government at a Glance:The Legal FrameworkStat
6、e GovernmentsFederal 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 GovernmentsDer
7、ive power to tax and spend from the States.Fiscal independence of local governments.1-5Government at a Glance:The Size of GovernmentHow to measure the extent to which societys resources are subject to control by government. Annual expendituresTypes of government expenditurePurchases of goods and ser
8、vicesTransfers of incomeInterest paymentsBudget documents Unified budget: Itemized list of federal government revenues and expenditures. Regulatory budget: Economic costs of government regulations.1-6The Size of GovernmentState, Local, and Federal Government Expenditures (selected years)1234Total Ex
9、penditures (billions)2011 Dollars (billions)*2011 Dollars per capitaPercent of GDP19702951,3756,70328.4%19808472,0078,81530.4%19901,8802,94811,78432.4%20002,9063,71213,15529.2%20115,4105,41017,36235.9%*Conversion to 2011 dollars done using the GDP deflatorSource: Calculations based on Economic Repor
10、t of the President, 2012 pp. 316, 320, 359, 415.Adjusting for InflationAdjusting for PopulationRelative to Economy1-7The Size of Government Government Expenditures as a % of GDP (2011)Source: Organization for Economic Cooperation and Development 2011b.UnitedStates1-8The Size of Government Compositio
11、n: 2011 Federal Expenditures & RevenuesSource: Economic Report of the President, 2012 p. 413.1-9The Size of Government Composition: 2011 State & Local Expenditures & RevenuesSource: Economic Report of the President 2012 p. 419.1-10The Size of Government RevenuesAt the Federal level, the personal inc
12、ome tax is the single most important source of revenue.At the State and Local levels:Grants from the federal government are over 20% of revenuesSales taxes and Property taxes are each about 18% of revenues. Changes in the Real Value of Debt is also an important source of government revenue. 1-11Chap
13、ter 1 SummaryPublic Finance/Public Sector Economics focuses on governments role in the allocation of real resources - that includes, but is not limited to, taxing and govt spending.The Mechanistic view vs. Organic view of government.The U.S. embraces the mechanistic view, which nevertheless leads to
14、 disagreements on the appropriate size of the government. Evidence shows that the impact of the U.S. government on the allocation of national resources has increased over time. The U.S. Constitution outlines the roles of and constraints placed on state, and federal government economic activity. 1-12
15、Appendix: Doing Research in Public FinancePublic Finance journalsInternational Tax and Public FinanceJournal of Public EconomicsNational Tax JournalPublic FinancePublic Finance QuarterlyGeneral-interest journalsAmerican Economic ReviewJournal of Economic PerspectivesJournal of Political EconomyQuart
16、erly Journal of EconomicsReview of Economics and Statistics1-13Doing Research in Public FinanceOther sourcesJournal of Economic LiteratureBrookings Institutions Studies of Government FinanceCongressional Budget Office reportsNational Bureau of Economic Research working papersTax Foundations Facts an
17、d Figures on Government FinanceU.S. Government Printing Office publicationsStatistical Abstract of the United StatesEconomic Report of the PresidentBudget of the United StatesU.S. Census of GovernmentsHistorical Statistics of the United States from Colonial Times to 19701-14Doing Research in Public FinancePublic Finance data available on InternetResources for Economists on the Internet (www.rfe.org)U.S. Census Bureau (www.census.gov)University of Michigans Office of Tax Policy Research (www.otpr.org)Urban-Brookings Tax Policy Center (www.taxpolicycenter.org)1-15
