Public finance

Public finance is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.

The purview of public finance is considered to be threefold: governmental effects on (1) efficient allocation of resources, (2) distribution of income, and (3) macroeconomic stabilization.

Overview

The proper role of government provides a starting point for the analysis of public finance. In theory, under certain circumstances, private markets will allocate goods and services among individuals efficiently (in the sense that no waste occurs and that individual tastes are matching with the economy's productive abilities). If private markets were able to provide efficient outcomes and if the distribution of income were socially acceptable, then there would be little or no scope for government. In many cases, however, conditions for private market efficiency are violated. For example, if many people can enjoy the same good at the same time (non-rival, non-excludable consumption), then private markets may supply too little of that good. National defense is one example of non-rival consumption, or of a public good.

Public Finance (magazine)

Public Finance comprises a monthly magazine, a UK news website (publicfinance.co.uk) and an international news website (publicfinanceinternational.org) covering public policy and public sector finance.

It is published by Redactive Media Group on behalf of the Chartered Institute of Public Finance & Accountancy, the only professional accountancy body in both the UK and globally to specialise in public services.Public Finance magazine has a current circulation of 16,127 according to the Audit Bureau of Circulation.

History

Public Finance was first published in 1896 under the name Financial Circular. In 1935 the publication was renamed to Local Government Finance, and in 1974 it became Public Finance and Accountancy. Philip Windsor was appointed as the first professional journalist editor in 1978.

The magazine’s title was shortened to Public Finance in the 1980s. The current editor is Lem Bingley. Publicfinance.co.uk was launched in the late 1990s and Publicfinanceinternational.org was launched in March 2012.