Public expenditure and economic development

July 27, 2023

Public expenditure and economic development

Fiscal policy and its impact on the economy

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Public expenditure and economic development

Public expenditure plays a vital role in economic development, as it affects various aspects of an economy, including infrastructure development, education, healthcare, and social welfare. In this essay, we will discuss the relationship between public expenditure and economic development, highlighting its impact on economic growth, employment, and income distribution.

Public expenditure refers to the government’s spending on goods, services, and programs to fulfill its responsibilities and promote the well-being of its citizens. One of the primary objectives of public expenditure is to foster economic development by creating an enabling environment for growth. Governments invest in infrastructure projects such as roads, bridges, ports, and airports, which facilitate trade and transportation, attract investment, and improve productivity. These investments not only enhance connectivity but also generate employment opportunities, leading to increased income levels and overall economic growth.

Investments in education and healthcare are also crucial components of public expenditure. A well-educated and healthy population is an asset for economic development. Education expenditure ensures access to quality education and skill development programs, which are essential for human capital formation. A skilled workforce enhances productivity and innovation, driving economic growth. Similarly, public expenditure on healthcare improves the overall health status of the population, reducing absenteeism, increasing productivity, and lowering healthcare costs in the long run.

Furthermore, public expenditure plays a significant role in income redistribution and reducing income inequality. Governments allocate funds for social welfare programs, including poverty alleviation, unemployment benefits, and social security. These programs aim to provide support to vulnerable groups and reduce the wealth gap. By redistributing income, public expenditure can enhance social cohesion, reduce social unrest, and promote inclusive growth. Additionally, targeted public expenditure on infrastructure and services in disadvantaged regions can help reduce regional disparities, fostering balanced development across the country.

The impact of public expenditure on economic development is not limited to the direct effects mentioned above. It also has indirect effects through fiscal policy. Governments use fiscal policy, including taxation and public expenditure, as tools to influence aggregate demand, stabilize the economy, and promote long-term growth. During economic downturns, increased public expenditure, financed through deficit financing, can stimulate demand and boost economic activity. Conversely, during periods of high inflation or overheating, reducing public expenditure can help control inflationary pressures and maintain macroeconomic stability.

However, it is crucial to ensure that public expenditure is effectively managed to maximize its impact on economic development. Transparency, accountability, and efficient governance are essential for the successful implementation of public expenditure programs. Effective monitoring and evaluation mechanisms should be in place to ensure that funds are allocated and utilized efficiently and that the intended outcomes are achieved. Additionally, governments should prioritize investments in productive sectors that have a high multiplier effect on the economy, such as infrastructure, education, and research and development.

In conclusion, public expenditure plays a crucial role in economic development by promoting infrastructure development, human capital formation, and income redistribution. It has direct and indirect effects on economic growth, employment generation, and income distribution. However, effective management and governance are essential to ensure that public expenditure achieves its intended goals and maximizes its impact on economic development. By strategically allocating resources and implementing sound fiscal policies, governments can leverage public expenditure as a powerful tool for sustainable and inclusive economic growth.

RUBRIC

QUALITY OF RESPONSE	NO RESPONSE	POOR / UNSATISFACTORY	SATISFACTORY	GOOD	EXCELLENT
Content (worth a maximum of 50% of the total points)	Zero points: Student failed to submit the final paper.	20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking.	30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking.	40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete.	50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing.
Use of Sources (worth a maximum of 20% of the total points).	Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper.	5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6^th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper.	10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6^th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources.	15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6^th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources.	20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6^th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment.
Grammar (worth maximum of 20% of total points)	Zero points: Student failed to submit the final paper.	5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors	10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors	15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage.	20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free.
Structure of the Paper (worth 10% of total points)	Zero points: Student failed to submit the final paper.	3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6^th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6^th edition requirements whatsoever.	5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6^th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper	7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment.	10 points: Student provides a high-caliber, formatted paper. This includes an APA 6^th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.

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Fiscal policy and its impact on the economy

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Public expenditure and economic development

Description/Paper Instructions

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