meaning and scope of public economics

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The meaning of public economics is the study of government policy through the lens of economic efficiency and equity. Provides a framework of thinking whether a government should take part in  economic market and what extent it do so. The scope of

Public economy is based on the the tool of social welfare economy of the society. Used for as a tool to improve the the quality and service to the social welfare. This public economics depicts the host of things like market failure, im perfect competition, creation and implementation of government policy .

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HI,

Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare.

Public economics provides a framework for thinking about whether or not the government should participate in economic markets and to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and expenditures.

This subject encompasses a host of topics notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy.[1]

Broad methods and topics include:

the theory and application of public finance[2]

analysis and design of public policy[3]

distributional effects of taxation and government expenditures[4]

analysis of market failure[5] and government failure.[6]