What are the central questions in which public sector economics is concerned about and what are...

What are the central questions in which public sector economics is concerned about and what are the different views concerning the role of government? How have these changed over the years and what has given rise to these changes

Expert Solution

Public sector economics is concerned with the study of how government can deal with the failure of markets to achieve efficient outcomes.Government plays a crucial role in the public sector economy. Public sector economy is owned and controlled by government.

Changes that have took place-:

1)Public enterprises are practised.

2) Quantitative restrictions on trade on reduced or removed.

3) Restriction on allocation of credit and control on interest rate are reduced or removed.

4) Price control share has became less popular.

All these actions increase role of market forces. In public sector economy, the aim of the government is to provide a service to the public and are funded by the taxes.

Rahul Sunny answered 2 years ago

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