The Audit Commission was an independent public body in England and Wales tasked with ensuring economical and effective public spending in various sectors until its abolition in 2015.
The Benefit Principle suggests that the cost of public expenditures should be met by those who benefit from them. It faces challenges in application, especially for non-excludable public goods and economically disadvantaged groups.
An in-depth exploration of the Diamond-Mirrlees Production Efficiency Lemma, its historical context, applications in tax policies, and implications for competitive economies.
An in-depth analysis of mandatory spending programmes which are legally mandated components of government spending, contrasted with discretionary spending. It explores the historical context, types, key events, mathematical models, importance, applicability, examples, related terms, comparisons, interesting facts, and more.
A comprehensive exploration of Public Improvement Districts (PIDs), their historical context, applications, benefits, and differences from Business Improvement Districts (BIDs).
Revenue bonds are loans where the principal and interest are payable from the earnings of the project financed by the loan. They are commonly issued in the USA by municipalities to finance projects like toll bridges.
An equation describing the set of Pareto-efficient allocations in an economy with public goods. In an economy with one public good, one private good, and H consumers, the Samuelson rule requires that the sum of the marginal rates of substitution between the public and private goods equals the marginal cost of the public good.
An in-depth exploration of Soft Budget Constraint, a fiscal phenomenon where public bodies or state-owned entities operate with the expectation that overspending will be covered by external support, often leading to inefficiencies and financial laxity.
An in-depth examination of Wagner's Law, its historical context, key claims, empirical evidence, and relevance in modern economic analysis.
