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Introduction:

Public economics is study of the government policy during the lens of economic efficiency and the equity. At its most essential level public economics provides the framework for thinking about whether and not government should participate in the economics markets and to what extent its role should be. Microeconomic theory is the utilized to assess whether the private market is liable to provide efficient outcomes in absence of the governmental interference. The Public economics is branch of field to economics focused on the studying public sector and examining ways it interacts with the private division.

In public economics a public good is a good that is both non-excludable or non-rivalries in that individuals cannot be the effectively excluded from the use and where the use by one individual does not reduce the availability to others. Examples of the public goods include fresh air, lighthouses, knowledge, national defense, the flood control systems and street lighting. Public goods that are available everywhere are sometimes referred to as global public goods.

Many public goods may at the times be subject to excessive use the resulting in negative externalities affecting all users. Air pollution and the traffic congestion. The Public goods problems are often closely related to the free-rider problem in which people not paying for good may continue to access. The good may be under-produced and overused or degraded. The Public goods may also become subject to the restrictions on access and may then be considered to be club goods and private goods. Exclusion mechanisms include the patents, copyright, congestion pricing, and pay of television.

History:

The Public economics has long history as discipline within economics and many eminent economists have to written on the subject. Richard discussed effects of public debt and incidence of the taxation in the imperfectly competitive markets was analyzed by Cournot, Edgeworth considered effects of taxation on the multi-product firms and the Pareto set out of the foundations for making social decisions. Explanation for interest in the public economics is no doubt contained in close connection of the analysis with policy and the request which are ultimate inspiration of the economists.

Socio-Economic Applications in Public Economic Weather Services:

Every day people in all walks of the life make decisions that absorb information about the weather and the climate from simple personal actions concerning appropriate clothing to the complex actions that affect the major socio-economic sectors of the human existence. There is an enormous range of the applications of weather, the climate and water information to the societal and economic development issues. It is within this context that the National Meteorological and the Hydrological Services have been well positioned to the identify and deal with wide range of the such issues that affect human life. It is also reason why the governments have made sizeable contributions to operation of the meteorological services. The impact on the society and economy of the any shortfall in provision of these public services.

Public sector economy:

The Public sector economics is concerned with the justifying existence of the governments and explaining how they can be affect economic activity. It explains how invisible hand of the market is tempered by visible hand of the government in mixed economy of the private and public sectors adopted by vast majority of the nations.

Usually the public-sector economics has been concerned with study of how governments can be deal

With failure of the markets to achieve efficient outcomes. The Possible remedies which are considered include using the public expenditure and taxation taking some firms into the state ownership and introducing guideline. These are the all areas of the microeconomic theory policy and the practice.

But nature of the public sphere has recently changed. In meticulous, we need to take the account of political economy, how alternative economic theories are used to the provide intellectual justification for moral-ideological-and-ethical-beliefs.

These have recently been made to manifest in rolling back frontiers of the state through privatization, contracting out to private sector the provision of the public services, use of the  private finance initiatives and the public-private partnerships for the school hospitals ,education, and other public services and the reforms of social security benefits.

Cost-benefits-analysis:

While origins of the cost-benefit analysis can be traced back to the  Jules Dupuit's classic article On Measurement of the Utility of Public Works  much of subsequent scholarly development occurred in  United States and the  arose from challenges of the water-resource development. In the 1950 U.S. Federal Interagency River Basin Committee Subcommittee on the Benefits and Costs published report entitled Proposed Practices for the Economic Analysis of the River Basin Projects. Which became noteworthy for the bringing in language of the welfare economics? In 1958 Otto Eckstein published the Water-Resource Development:

Economics of the Project Evaluation and the Roland McKean published his Efficiency in the Government during the Systems Analysis, With the Emphasis on Water Resources Development. Latter book is also considered classic in field of the operations research. In the subsequent years several other important workings appeared, Jack Hirshleifer, James DeHaven, and the Jerome W. Milliman published the volume entitled Water Supply: Economics and Technology and the Policy; and the group of Harvard scholars including the Robert Dorfman, Stephen Marglin and others published Design of the Water-Resource Systems: the New Techniques for Relating Economic Engineering Analysis, Objectives, and Governmental Planning.

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