CHAPTER 7

THE PUBLIC FINANCES

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  • What the public finances are and their role in the economy
  • Where the government gets it money from
  • How government spending can help manage the economy
  • What the budget deficit and national debt are
  • How governments finance the deficit
  • What the role of rating agencies is

WHAT ARE THE PUBLIC FINANCES?

Governments clearly have a big role to play in any economy, though the exact scale of their involvement can vary hugely across the world. They collect taxes. They build roads. They fund the police force and the army. They sometimes offer free healthcare and education. They typically pay benefits to the unemployed or the ...

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