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British Fiscal Doctrine: The Sacrifice View

In: The National Element in the Development of Fiscal Theory

Author

Listed:
  • Orhan Kayaalp

    (The City University of New York)

Abstract

The realm of public economics is vast. It far transcends the public finance proper, which comprises the principles and procedures concerning public spending and collection of taxes. Public economics is the study of all government economic activity and the effects of that activity upon the individual citizen. These effects can assume huge proportions. For one thing, the livelihood of many individuals directly depends on government, which is often the largest employer in the economy. Second, governments provide a wide range of services that many individuals deem essential for their existence. Finally, considering that the costs of these services must be sustained by taxes, a large part of individuals’ income is given up to the fiscal authority. This occurs even in those societies in which self-interested behavior is valued and promoted. Then why is it that a substantial part of the economy has always been left to the hands of the government rather than that of the market mechanism?1

Suggested Citation

  • Orhan Kayaalp, 2004. "British Fiscal Doctrine: The Sacrifice View," Palgrave Macmillan Books, in: The National Element in the Development of Fiscal Theory, chapter 3, pages 26-55, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-3897-8_3
    DOI: 10.1057/9781403938978_3
    as

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