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Essay / Research Paper Abstract
This 4-page paper describes the philosphy of public finance, and how it differs from corporate finance. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTpublfina.rtf
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Unformatted sample text from the term paper:
to it - if companies were run like a lot of countries economies were, there would be serious trouble in the business world. Many times, governments end up with red
ink - and that kind of situation in a corporate set-up would spell the death knell for that particular company. However, its
difficult to really compare public finance with that of corporate finance because the situation is apples and oranges. Corporations are set up to make profits. Government agencies, on the other
hand, are created to protect and/or serve the people. As such, financial and accounting structures are going to be very different. In
his book The Philosophy of Taxation and Public Finance, author Robert McGee points out that the concept behind such finance is that people willingly fork over money, through taxes, for
the government to distribute as it deems fit (2003). People accept, as a matter of course, that theyll be giving money to the government, with the tacit understanding that the
government will help take care of the people (McGee, 2003). The other concept behind public finance is that government can pretty much raise taxes whenever it wants - whether the
people like it or not. This is vastly different from a corporate structure. If a corporation tries to raise taxes on a good or service for pretty much no discernable
reason, that corporation would be out of business fairly fast. But again (and in theory), it needs to be remembered that governments dont exist to create profit; they exist to
serve people. Technically, public financing is such that it "gives back" to the people in the form of roads and public service.
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