The proper role of government provides a starting point for the analysis
of public finance. In theory, under certain circumstances, private markets
will allocate goods and services among individuals efficiently (in the
sense that no waste occurs and that individual tastes are matching with
the economy's productive abilities). If private markets were able to
provide efficient outcomes and if the distribution of income were
socially acceptable, then there would be little or no scope for
government. In many cases, however, conditions for private market
efficiency are violated. For example, if many people can enjoy the same
good at the same time (non-rival, non-excludable consumption), then
private markets may supply too little of that good. National defense is
one example of non-rival consumption, or of a public good.
"Market failure"
occurs when private markets do not allocate goods or services
efficiently. The existence of market failure provides an
efficiency-based rationale for collective or governmental provision of
goods and services. Externalities, public goods,
informational advantages, strong economies of scale, and network
effects can cause market failures. Public provision via a government or a
voluntary association, however, is subject to other inefficiencies,
termed "government failure."
Under broad assumptions, government decisions about the efficient
scope and level of activities can be efficiently separated from
decisions about the design of taxation systems (Diamond-Mirlees
separation). In this view, public sector programs should be designed to maximize social benefits minus costs (cost-benefit analysis), and then revenues needed to pay for those expenditures should be raised through a taxation system that creates the fewest efficiency losses caused by distortion of economic activity as possible. In practice, government budgeting or public budgeting is substantially more complicated and often results in inefficient practices.
Government can pay for spending by borrowing (for example, with government bonds), although borrowing is a method of distributing tax burdens through time rather than a replacement for taxes. A deficit is the difference between government spending and revenues. The accumulation of deficits over time is the total public debt. Deficit finance allows governments to smooth tax burdens over time, and gives governments an important fiscal policy tool. Deficits can also narrow the options of successor governments.
Public finance is closely connected to issues of income distribution and social equity. Governments can reallocate income through transfer payments or by designing tax systems that treat high-income and low-income households differently.
The public choice
approach to public finance seeks to explain how self-interested voters,
politicians, and bureaucrats actually operate, rather than how they
should operate.
Well-conducted, and with good health status.
1. Application Form
Please upload your finished application form here.
2. Health certificate
Photocopy of notarized foreigner physical examination record (for durations of study over 6 months)
3. Photocopy of valid passport
With name, passport number & expiration date, and photo included
4. Passport photo
A recent passport-sized photo of the applicant
5. Undergraduate school transcript
6. Bachelor's degree diploma
Graduation
certificate in languages other than Chinese or English should be
translated into Chinese or English and be certified by notarization.
7. Two letters of recommendation
From professor or associate professor or equivalents
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Answer: Yes. ACASC gives the applicants, the chance to directly apply to their desired universities through our online application portal. We have synchronized our system to create a simple platform that connects universities and colleges in China to international students all around the world.
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