Course Details

Subject {L-T-P / C} : HS1348 : Public Economics { 3-0-0 / 3}

Subject Nature : Theory

Coordinator : Dr. Narayan Sethi

Syllabus

Modules:
Unit-1
An Introduction to Public Economics
1. Meaning and scope of public economics
2. Public goods versus private goods
3. The principle of maximum social advantage

Unit-2
Public Expenditure
1. Meaning, comparison between private and public expenditure
2. Classification of public expenditure-productive and unproductive, reasons for the growth of public expenditure and effects of public expenditure

Unit-3
Public Revenue and Debt
1. Meaning, classification of taxation (direct taxes-income, corporate and indirect tax-GST) and their merits and demerits. Effects of taxation
2. The role of public debt, comparison between public and private debt, classification and effects of public debt

Unit-4
Federal Finance
1. Meaning, principle and classification of federal finance
2. Centre-state relationship

Course Objectives

Course Outcomes

Public economics is the study of income and expenditure patterns of fiscal government in an economy. This course tries to conceptualize public expenditure, public revenue and debt, and federal finance. However, this course is firmly grounded on the theory of welfare economics and also used as a stimulating tool to improve social welfare. This course will also provide wider benefits to students in understanding the concepts of direct taxes, indirect taxes, and pattern of expenditure at the macro and micro levels. To this end, the knowledge of public economics will enable students to understand the management of existing or new business ventures in their daily life.

Essential Reading

Supplementary Reading