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Public finance

A branch of economics concerned with the identification and appraisal of the effects of government financial policies. It attempts to analyse the effects of government taxation and expendi ture on the econornic situations of individuals and institutions and to examine their impact on the economy as a whole. It is also concerned with examining the effectiveness of policy measures directed at certain objectives, and with developing techniques and procedures by which that effectiveness can be increased.

Reference: The Penguin Dictionary of Economics, 3rd edt.