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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 … In contrast, public goods are those things that all people can simultaneously benefit from. Explain how public sector contributes to the economic development of a nation. The non-rival nature of consumption provides a strong case for the government rather than the market to provide and pay for public goods. A public good is described as a product or service with a use that is not decided by any one person or persons, but by society as a whole. ECONOMICS DEPARTMENT Thayer Watkins. NATURE OF PUBLIC ADMINISTRATION There are two views regarding the Nature of Public Administration, that is, Integral and Managerial. Public Finance: Definition and Explanation: Public finance, according to the traditional definition of the subject, is that branch of Economics which deals with, the income and expenditure of a government. asked Jul 16, 2017 in Economics by sforrest072 ( 128k points) Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to … Decision making and forward planning go hand in hand with each other. In the words of Adam Smith: "The investment into the nature and principles of state expenditure and state revenue is called public finance". ; Many public goods are provided more or less free at the point of use and then paid for out of general taxation or another general form of charge such as a licence fee. explain the nature and scope of public economics Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Private goods are such that if one person get more of them then necessarily there will be less for the other people. The Nature of Public Goods. Public expenditure, if properly allocated and efficiently used, can have a wholesome effect on the economy. Effects of Public Expenditure on Production and Distribution: Having studied the causes of large increase in public expenditure, it will be useful to explain the effects of public expenditure on the production and distribution in the economy. Select Page. According to the integral view, ‘administration’ is the sum total of all the activities – manual, clerical, managerial, etc., which are undertaken to realise the objectives of the organisation. Decision making means the process of selecting one action from two or more alternative courses of action. Most economic arguments for government intervention are based on the idea that the marketplace cannot provide public goods or handle externalities. Meaning of Public Finance. 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