Public finance
The finance, in addition to the economic theory and economic policy is a third classical discipline within economics and has the economic aspects of public finances and thus the taxation of individuals and companies subject. In a broader sense finance includes the economic analysis of public economic activity. This collective decisions play an important role.
Topics of Finance
In a narrower sense, it highlights the revenue (eg taxes, fees ) and expenditure (for example, subsidies, public institutions ) of a State as well as the ratio of the different levels of government (federal, state, local ) to each other ( financial compensation). So you must identify the financial economy of the public sector and is based on the data of financial statistics and the national accounts.
The traditional designation of Finance describes the subject matter adequately. Besides the actual financial issues (for example, Optimum design of the tax system ), the modern financial science deals additionally with the use of the economy's resources ( allocation problem ), the influence of income and employment (stabilization problem) and the income and wealth distribution ( distribution problem). In addition, the institutional framework (for example, commandments, prohibitions, legal regulations ) are included in the economic analysis. The question of which alternative courses of action the public sector are preferable from an overall economic perspective, the welfare economics attempts to determine.
Other areas that are treated in public finance are:
- Theory of public and merit goods
- The economic analysis of political processes ( Political Economy )
- Constitutional Economics
- Theory of public and regulated companies
- Environmental Economics
- Fiscal and Tax Policy
The Finance overlaps largely with the economic policies, even if this was guided by theory earlier stronger compared. This separation was a German peculiarity and internationally seldom used. Today, theory and econometrics in finance are about as common as in the rest of economics.
Well-known financial expert (selection)
- Norbert Andel
- Jürgen Backhaus
- Charles B. Blankart
- Nicolas François Canard (1750-1833)
- Giacomo Corneo ( b. 1963 )
- Emanuel Derman
- Dietrich Dickertmann
- Luigi Einaudi (1874-1961)
- Clemens Fuest ( b. 1968 )
- Heinz Grossekettler
- Karl -Heinrich Hans Meyer (1929-2007)
- Klaus -Dirk Henke
- Franz Hörmann ( b. 1960 )
- Martin Junkernheinrich
- Wolfgang Kitterer
- Kai A. Konrad
- Fritz Karl Mann (1883-1979)
- Richard A. Musgrave
- Fritz Neumark
- William A. Niskanen (1933-2011)
- Loukas Papademos ( b. 1947 )
- Rolf Peffekoven
- Hans -Georg Petersen
- Bernd Raffelhüschen
- Bert Rürup (* 1943)
- Wolfgang Scherf
- Günter Schmölders (1903-1991)
- Helmut Seitz (1956-2009)
- Hans -Werner Sinn ( b. 1948 )
- Joseph E. Stiglitz
- Adolph Wagner (1835-1917)
- Alfons J. Weichenrieder
- Knut Wicksell (1851-1926)
- Berthold U. Wigger
- Eberhard Wille
- Matthias Wrede
- Horst Zimmermann
History of Finance
In the 16th century, in the age of cameralism was primarily the fiscal purpose of taxation in the foreground. Political orientation distribution received the Public Finance in the 17th and 18th century in the so-called Akzisestreit. This was settled by Johann Heinrich Gottlob von Justi: a general consumption tax burden poorer populations more than members of higher income classes and had therefore to be rejected.
With the conflict between liberalism and socialism in the 19th century moved redistribution policy issues to the fore: Adolph Wagner asked to provide taxation in the service of social policy objectives.
At the beginning of the 20th century, the public sector had adopted an extent that their impact on the economic activities could no longer be neglected. The world economic crisis of 1929 and set up by John Maynard Keynes thesis that once occurred underemployment not necessarily lead back to a full employment, provided the impetus to take a cyclical goal in fiscal policy.