Public Economics
The given sequence—Market Failure and Remedial Measures → Public Revenue and Expenditure → Budget and Fiscal Policy—ensures a logical flow of understanding in Public Economics.
Market Failure and Remedial Measures (Foundation)
Before studying government intervention, it’s crucial to understand why intervention is needed.
Market failures (externalities, public goods, monopolies, etc.) highlight inefficiencies in free markets, necessitating government policies.
Public Revenue and Expenditure (Government’s Role)
Once the need for intervention is clear, the next step is to explore how the government funds corrective measures.
Public revenue (taxation, borrowing) and expenditure (welfare, infrastructure) define the financial mechanics of state intervention.
Budget and Fiscal Policy (Application & Impact)
Finally, the concepts come together in the budget and fiscal policy, where revenue collection and expenditure decisions are structured.
This part examines how governments use fiscal tools (taxation, spending, borrowing) to achieve economic stability and growth.
By following this sequence, one moves from problem identification (market failure) to solutions (government revenue/expenditure) and finally to policy implementation (budget & fiscal measures), ensuring a well-structured understanding of Public Economics.