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首页 Public Finance ch01.pptx

Public Finance ch01.pptx

Public Finance ch01.pptx

上传者: 桔雨_聆夕 2017-09-06 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Public Finance ch01pptx》,可适用于经济金融领域,主题内容包含CopyrightcopyWorthPublishersTheFourQuestionsofPublicFinanceWhyStudyPublicF符等。

CopyrightcopyWorthPublishersTheFourQuestionsofPublicFinanceWhyStudyPublicFinanceFactsonGovernmentintheUnitedStatesandAroundtheWorldWhyStudyPublicFinanceNowPolicyDebatesoverSocialSecurity,HealthCare,andEducationConclusionWhyStudyPublicFinanceHeatherLueaandDanSacksPREPAREDBYIntroduction:TheAffordableCareActOnMarch,,PresidentBarackObamasignedintolawthePatientProtectionandAffordableCareAct,commonlyknownastheACAUndertheACA,thegovernmentwasprojectedtospendnearly$trilliononpublichealthinsuranceandsubsidiestoprivatehealthinsurancecoveragebetweenandThisspendingwouldbeoffsetbyspendingreductionsonexistingpublicinsuranceprogramsandnewtaxesonthemedicalsectorandthewealthyAsaresultoftheACA,insurancecompaniescannolongerdiscriminateagainstsickpatients,andindividualswhocanaffordhealthinsurancemustpurchaseitorpayapenaltyInaddition,dozensofnewinitiativesarebeingundertakeninanattempttocontrolrunawayhealthcarespendingintheUnitedStatesIntroduction:TheAffordableCareActDespiteitspassage,theACAcontinuestobedebatedferociouslyinCongress,inthestates,andincampaignsatalllevelsofgovernmentSupportersarguethatthebillcorrectsfailedinsurancemarkets,reducestheeconomicburdenontheuninsured,andmovestocontrolhealthcarecostsinthelongrunOpponentsofthelegislationviewedtheACAasanunwarrantedexpansionofgovernmentpowerintothehealthcaresectormdashandanenormousexpansionofgovernmentspendingatatimeofrecorddeficitsThecontroversiesovertheproperroleofthegovernmentindealingwithhealthcarecoverageandcostsraisethefundamentalquestionsaddressedbythebranchofeconomicsknownaspublicfinanceTheFourQuestionsofPublicFinancePublicfinance:ThestudyoftheroleofthegovernmentintheeconomyFourquestionsofpublicfinance:WhenshouldthegovernmentinterveneintheeconomyHowmightthegovernmentinterveneWhatistheeffectofthoseinterventionsoneconomicoutcomesWhydogovernmentschoosetointerveneinthewaythattheydoWhenShouldtheGovernmentInterveneintheEconomyEconomicsgenerallypresumesthatmarketsdeliverefficientoutcomes,sowhyshouldgovernmentdoanythingPrimarymotiveforgovernmentinterventionisthereforemarketfailureMarketfailure:Aproblemthatcausesthemarketeconomytodeliveranoutcomethatdoesnotmaximizeefficiency(discussedinChapter)Measlesvaccinewasintroducedin,andmeaslescaseshadbecomerelativelyrareintheUnitedStatesbythesminus:HugeresurgenceinmeaslesThisoutbreakresultedfromverylowimmunizationratesamongdisadvantagedinnercityyouthsUnimmunizedchildrenimposedanegativeexternalityonotherchildrenAPPLICATION:ModernMeaslesEpidemicThefederalgovernmentrespondedtothishealthcrisisintheearlys:EncouragedparentstoimmunizetheirchildrenPaidforthevaccinesforlowincomefamiliesImpressiveresults:ImmunizationratesneverhigherthanpriortooutbreakRosetobyGovernmentinterventionclearlyreducedthisnegativeexternality,discussedinChaptersandAPPLICATION:ModernMeaslesEpidemicIn,therewerecasesLargestoutbreakinDisneylandThereasonwastherefusalofalargenumberofparentstoimmunizetheirchildrenduetonowdiscreditedldquolinkrdquobetweenvaccinationsandautismTheldquoantivaccinerdquomovementhastakenroot,resultinginlargepocketsofnonimmunizedchildreninsomeareasDoesgovernmentpolicyneedtogofurtherandrequirechildrentobevaccinatedAPPLICATION:ModernMeaslesEpidemicWhenShouldtheGovernmentInterveneintheEconomyEvenifthemarketiswellfunctioning,anefficientoutcomeisnotnecessarilysociallydesirableRedistributionisasecondreasonforgovernmentinterventionRedistribution:TheshiftingofresourcesfromsomegroupsinsocietytoothersTaxorSubsidizePrivateSaleorPurchaseUsethepricemechanism,changingthepriceofagoodtoencourageordiscourageuseTaxesraisethepriceforprivatesalesorpurchasesofgoodsthatareoverproducedSubsidieslowerthepriceforprivatesalesorpurchasesofgoodsthatareunderproducedHowMighttheGovernmentInterveneRestrictorMandatePrivateSaleorPurchaseQuotasrestrictprivatesaleofgoodsthatareoverproducedMandatesrequireprivatepurchaseofgoodsthatareunderproducedPublicProvisionThegovernmentcanprovidethegooddirectlyPublicFinancingofPrivateProvisionGovernmentspaysprivatecompaniesproduceHowMighttheGovernmentInterveneInterventionshavedirectandindirecteffectsDirecteffects:TheeffectsofgovernmentinterventionsthatwouldbepredictedifindividualsdidnotchangetheirbehaviorinresponsetotheirinterventionsWithmillionuninsured,providinguniversalhealthinsurancecoversmillionpeopleIndirecteffects:TheeffectsofgovernmentinterventionthatariseonlybecauseindividualschangetheirbehaviorinresponsetotheinterventionsIfpeopledropprivatecoverage,manymorepeoplemayendupcoveredbythepublicplanWhatAretheEffectsofAlternativeInterventionsGovernmentsdonotalwayschooseefficientorsociallydesirableoutcomesGovernmentsfaceenormouschallengesinfiguringoutwhatthepublicwantsandhowtochoosepoliciesthatmatchthosewantsPoliticaleconomy:Thetheoryofhowthepoliticalprocessproducesdecisionsthataffectindividualsandtheeconomy,discussedinChapterWhyDoGovernmentsDoWhatTheyDoThegovernmentisahugepartoftheeconomy:Governmentspendingrepresentsalargesectoroftheeconomy,intheUnitedStatesandaroundtheworldThisspendingisfinancedwithtaxesorwithdebt,andtheseaffecteveryfacetoftheeconomyManysectorsoftheeconomyarealsodirectlyaffectedbyregulationWhyStudyPublicFinanceThemethodsandresultsderivedfromempiricaleconomicsarecentraltothedevelopmentofpublicpolicyatalllevelsofgovernmentTheCongressionalBudgetOffice(CBO)ldquoscoresrdquopolicyproposalsbyestimatingtheirbudgetimplicationsCBOscoringusesthetheoreticalandempiricaltoolsofpublicfinanceCBOscorescandeterminethefateoflegislationAPPLICATION:TheCBO:GovernmentScorekeepersTheSizeandGrowthofGovernment:FederalSpendingasaPercentofGDP,minusIn,thefederalgovernmentrsquosactivityaccountedforonlyaboutofGDPFromthesthroughthepresent,thesizeofgovernmenthasaveragedaroundofGDP,althoughitgrowsduringrecessionsTheSizeandGrowthofGovernment:TotalGovernmentSpendingAcrossDevelopedNations,minusIn,theUnitedStateswassquarelyinlinewiththeaverageoftheOECDintermsofthegovernmentspendingshareofGDPGovernmentgrowthwasmuchfasterinotherOECDnationsinthesandsAllhavenowsurpassedtheUnitedStatesDecentralizationAkeyfeatureofgovernmentsisthedegreeofcentralizationacrosslocalandnationalgovernmentunitsCentralization:Theextenttowhichspendingisconcentratedathigher(federal)levelsorlower(stateandlocal)levelsIntheUnitedStates,stateandlocalspendingisaboutonethirdoftotalgovernmentspendingFederalvsStateLocalGovernmentSpending,ThefederalgovernmentprovidesthemajorityofgovernmentspendingintheUnitedStates,butothergovernmentspendingisquitelargeaswell,amountingtoroughlyonethirdoftotalgovernmentspending,andoverofGDPSpending,Taxes,Deficits,andDebtsGovernmentspendinganditsinflowsaretaxrevenuesIfrevenuesexceedspending,thereisabudgetsurplusIfrevenuesfallshortofspending,thereisabudgetdeficitEachdollarofgovernmentdeficitaddstothestockofgovernmentdebtThatis,thedeficitmeasurestheyeartoyearshortfallofrevenuesrelativetospendingThedebtmeasurestheaccumulationofpastdeficitsovertimeThisgovernmentdebtmustbefinancedbyborrowingfromeithercitizensofonersquosownlocalornationalarea,orbyborrowingfromcitizensofotherareasorothernationsSpending,Taxes,Deficits,andDebts:FederalRevenuesandExpenditures,minusWiththeexceptionofanenormousincreaseinspendingunmatchedbyincreasedtaxationduringWorldWarII(ndash),thefederalgovernmentrsquosbudgetwasclosetobalanceduntilthelatesSpending,Taxes,Deficits,andDebts:FederalSurplusDeficit,minusFromthemidsthroughthemids,therewasarelativelylargedeficit,whichshrankdramaticallyinthesTheUnitedStateswasbackindeficitbytheearlytwentyfirstcentury,withthedeficitbecomingverylargeinthelatesSpending,Taxes,Deficits,andDebts:FederalDebt,minusThestockofdebtrosesharplyinWorldWarII,thenfellsteadilyuntillargedeficitscausedittoriseinthesThedebthasrisenconsiderablysince,withabriefpauseinthemidtolates,andnowisoverofGDPSpending,Taxes,Deficits,andDebts:DebtLevelofOECDNationsinTheUnitedStateshashigherdebtlevelsthanmostothercomparablenations,butitsloadremainswellbelowothersSpending,Taxes,Deficits,andDebts:StateandLocalGovernmentReceipts,Expenditures,andSurplus,minusUnlikethefederalgovernment,stateandlocalgovernmentrsquosbudgetsaretypicallyinsurplus:thereisverylittledeficitoverallacrossthestateandlocalgovernmentsinanyyearDistributionofSpendingPublicgoods:Goodsforwhichtheinvestmentofanyoneindividualbenefitseveryoneinalargergroup,discussedinChapterExample:DefensespendingSocialinsuranceprograms:Governmentprovisionofinsuranceagainstadverseeventstoaddressfailuresintheprivateinsurancemarket,discussedinChapterExample:HealthinsuranceOvertime,spendinghasshifteddramaticallytowardsocialinsurance,especiallyhealthinsuranceDistributionofFederalSpending,andIn,nearlyhalfoffederalgovernmentspendingwasonnationaldefenseToday,however,defensespendinghasfallentolessthanonefifthofthefederalbudgetTheSocialSecurityprogramisthesinglelargestgovernmentprogramintheUnitedStatestodayDistributionofStateLocalSpending,andEducation,welfare,andpublicsafetyforalmostofstateandlocalgovernmentspendingThemajordevelopmenthasbeentheparallelgrowthinhealthcarespendingandthereductionineducationspendingDistributionofRevenueSourcesIndividualincometax:AtaxleviedontheincomeofUSresidentsCorporatetaxrevenues:ThefundsraisedbytaxingtheincomesofbusinessesintheUnitedStatesPayrolltaxes:ThetaxesonworkerearningsthatfundsocialinsuranceprogramsThemajorshiftovertimeatthefederallevelhasbeentherapidshrinkingofcorporatetaxrevenuesThedecreaseinrevenuefromthesetaxeshasbeenlargelyreplacedbythegrowthofrevenuefrompayrolltaxesDistributionofFederalRevenueSources,andCorporatetaxrevenuesonceprovidedalmostoffederalgovernmentrevenue,theynowprovideonlyaboutPayrolltaxeshavegrownfromasixthoffederalrevenuestowelloverathirdDistributionofStateLocalRevenueSources,andOverthepastyears,thesubstantialdropinrevenuefrompropertytaxeshasbeenmadeupbyrisingfederalgrantsandincometaxesRegulatoryRoleoftheGovernmentThegovernmentregulatesawiderangeofeconomicandsocialactivities:TheFoodandDrugAdministration(FDA):food,cosmetics,drugs,andmedicaldevicesTheOccupationalSafetyandHealthAdministration(OSHA):workplacesafetyTheFederalCommunicationsCommission(FCC):radio,television,wire,satellite,andcableTheEnvironmentalProtectionAgency(EPA):pollutionofair,water,andfoodsuppliesManyheatedpolicydebatesconcerntheimpactofmajorpublicprograms:TheroleofSocialSecurity,healthcare,andeducationareallcontentioussubjectsldquoLiberalrdquoandldquoConservativerdquopositionsholddifferingviewsonhowtoapproachthesemajorpolicyissuesWhyStudyPublicFinanceNowPolicyDebatesoverSocialSecurity,HealthCare,andEducationSocialSecurityisthesinglelargestgovernmentexpenditureprogramThefinancingstructureofthisprogramisbasicallythattodayrsquosyoungworkerspaytheretirementbenefitsoftodayrsquosoldAsthepopulationages,itisincreasinglydifficulttofundLiberalsarguethatweshouldraisenecessaryresourcesthroughhigherpayrolltaxesConservativesarguethat,ratherthantransferfromyoungtoold,weshouldencouragepeopletosaveWhyStudyPublicFinanceNowSocialSecurityBy,aboutmillionAmericanslackedanyhealthinsurance,aboutofthenonelderlyUSpopulationTheAffordableCareAct(ACA)expandedthegovernmentrsquosrolebyincreasingregulationofinsurancemarkets,mandatinginsurancecoverage,andintroducinglargenewsubsidiesforthepurchaseofhealthinsurance,discussedinChapterSupportersarguethattheACAcorrectsseriousmarketintheinsurancemarketOpponentschargethatitrepresentsanenormous,expensive,unwarrantedexpansionofgovernmentpowerWhyStudyPublicFinanceNowHealthCareThereisanenormousdissatisfactionwithourcurrenteducationalsystemIn,theUnitedStatesrankedthinreading,thinscience,andthinmathskillsinastudyofcountriesWillmorespendingimproveeducationaloutcomesOrmightcompetitionamongschoolshelpWhyStudyPublicFinanceNowEducationGovernmentplaysacentralroleinthelivesofallAmericansThereisongoingdisagreementaboutwhetherthatroleshouldexpand,staythesame,orcontractThefactsandargumentsraisedinthischapterprovideabackdropforthinkingaboutthesetofpublicfinanceissuesthatweexploreintheremainderofthisbookConclusion

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