Importance of Public Economics

Public economics is that part of the economics that studies the effect of economic policies on public with special emphasis on taxation. The main objective is to provide an optimal social policy which is beneficial for the public another special feature of public economics is that it tries to find solution for externalities. The importance of public economics can be seen that it is important to learn the effect of government policies and how they are going to affect the public welfare? Public economics consistently use the general equilibrium theory which provides a rigorous foundation for the policy analysis.

Public economics is generally used in mixed economy where the individual makes most of the decision for their behavior but sometimes government policies to affect the individual behavior to reach equilibrium which was absent before policy, thus public economics is used to benefit the economy as whole where individual interest is ignored. The reason for the development of public economics or the motivation behind public economics is that it is seen that unregulated economies with no government intervention or policies does not lead to a publicly optimum output. It must be understood that no economy can rule or exist without the law enforcement which itself is a type of government intervention therefore the economy to act freely there is some set of rules to support it. All these policies come at a cost, therefore it is a work of public economist to find a price which can support these cost with least burden on the public, this process is also known as taxation, which explains the importance of public economics.

Difficulties faced in public economics problem

Public economics is the subject which deals with the problems faced by the public, the public economics problem faced by the students is related to the public good and externalities. These two are the prominent problems in public economics, where public good is the good which is non rival and non excludable which means that it has no near rival and nobody can be excluded for using it for example- consider a public park in a colony which is used by the whole colony but even the people from other areas can also use which make it a public good, now there is a chance that people can misuse it, damage it which make it a public good problem.

Other problem of externalities is how externalities affect the public, for example- consider a factory which is located alongside a river and pouring it untreated water in that river which makes it difficult for the people of that town to use it; it is an externality problem where the government intervention is required. Government with the help of public economist decides how to deal with these problems and form policies which help in tackling these problems.

Few important tips to solve problems of public economics

Students studying public economics should realize that it deals with the real economic problem therefore they must have understanding about terminology it use and what they really means. The first step to succeed in public economics is reading all about the public economics why it is necessary? With relevant case studies there lots of study material available regarding public economics and there are lots of public problem which the world is facing. Studying public economics with real world examples can make public economics a lot easy to understand.

Another problem is how the problem of externalities and free rider is solved by public economies, the taxation policies which especially target the corporate who pollute environment is part of public economics. To understand how this works students are required to go through the tax  structure of the country or the tax policies of the government, all these policies are solved with the help of general equilibrium theory which provides a price that bears minimum burden on the tax payers and make the policy efficient. 

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