Public Expenditure and Economic Growth in India - 13502 Words

PUBLIC EXPENDITURE AND ECONOMIC GROWTH WHAT IS PUBLIC EXPENDITURE? MEANING: Public expenditure refers to Government expenditure i.e. Government spending. It is incurred by Central, State and Local governments of a country. Spending by government , municipality, or any local authority. It covers things such as health, education or social services and is funded by tax revenue. It is one of the element that make up aggregate expenditure. Government spending or government expenditure is classified by economists into three main types. Government acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community is classed as government final consumption expenditure.†¦show more content†¦Output is generally measured in terms of GNP. THEORIES RELATED TO PUBLIC EXPENDITURE AND ECONOMIC GROWTH Adam Smith wrote in the Wealth of Nations that the government should restrict their activities to; 1. Defense against foreign aggression. 2. Maintenance of internal peace and order. 3. Public development work. All other functions besides these were considered beyond the scope of the state expenditure on them was treated as unjust wasteful. But there had been a spectacular expansion in the functions of state this resulted in phenomenal increase in public expenditure for this we shall take a look at contribution by Adolph Wagner Peacock-Wiseman hypothesis. Adolph Wagners Law of Increasing State Activity Adolph Wagner, the German economist made an in depth study relating to rise in government expenditure in the late 19thcentury. Based on his study, he propounded a law called The Law of Increasing State Activity. Wagner’s law states that as the economy develops over time, the activities and functions of the government increase. According to Adolph Wagner, Comprehensive comparisons of different countries and different times show that among progressive peoples (societies), with which alone we are concerned; an increase regularly takes place in the activity of both the Central Government and Local Governments constantly undertake new functions while they perform both old and new functions more efficiently and moreShow MoreRelatedEconomic Growth Comparison Bangladesh and India1593 Words   |  7 PagesPattern and Sources of Economic Growth, comparison between Bangladesh and India. Introduction: GDP (Gross Domestic Product) is indicator of a nation’s economic Growth- Measured by the market value of all officially recognized final goods and services produced within a country in a given period. Through GDP growth we can measure the economic growth, especially very much useful indicating tools for measuring growth in the least developed countries (LDCs), like Bangladesh, Haiti, Samoa, AfghanistanRead MoreThe Indian Economic Reforms Of The Economy1603 Words   |  7 PagesThe Indian economic reforms of 1991 are a prime example of radical changes in the economic policies of India from a conservative to an orthodox one. Prior to the reforms, the country followed the system of regularising imports and replacing them with domestic products, with the state playing the dominant role in economy. However serious macroeconomic and debt payment crisis forced the government to implement radical policies in the form of the Economic Reforms of 1991. Situation Prior 1991- PriorRead MoreFiscal Policy And Fiscal Policies1046 Words   |  5 Pagestaxes and expenditure that can influence the overall economic condition of the nation. A well written or planned fiscal policy can lead the nation to the steady path of the strong economy, increase employment and also maintains healthy inflation. Every country needs fiscal policy as fiscal policy plays a vital role on monitoring the pattern of the flow of nation’s expenditure to the economy and also the nation’s revenue generated from the economy. It also helps to stimulate the economic growth duringRead MoreA Cross Country Analysis Of Public Debt Management Essay977 Words   |  4 PagesPUBLIC DEBT A Cross-Country Analysis of Public Debt Management Strategies* Martin Melecky: Banking and Debt Management Department World Bank In order to finance expenditures on public goods and services that promote growth and increase nations welfare governments often have to borrow this decision of how much to borrow is that of fiscal policy which determines the targeted level of debt based on a sustainability analysis of government debt. The main cause for the increasing domestic debt and itsRead MoreChanges Of Indian Economy And The Social Sectors, Poverty, And Reform1432 Words   |  6 Pages Introduction In July 1991 the new model of economic reforms in India know as Globalization, Liberalization and Privatization started to create an economy that was the fastest building economy. This reform was successful in terms of building the economy but as India has a diverse society the rapid growth bought inequalities in the society. As a consequence people became opposed to the idea of globalization, liberalization and privatization. India lags behind in general education standard andRead MoreThe World Bank Group s Partnership Strategy For India1092 Words   |  5 Pagesprovided large amounts of financial assistance to India for economic development. The different areas it has impacted include: the development of infrastructure such as electric power, transport, communication, irrigation projects, and the steel industry. 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These measures are: †¢ Fiscal measures: To reduce the fiscal and revenue deficit the government of India has a strongRead MoreThe Business Cycle Model : A Diagram That Shows How Economic Activity Fluctuates Over Time1352 Words   |  6 Pagesbusiness cycle model is a diagram that shows how economic activity fluctuates over time. There are four phases of this activity known as boom, recession, upswing and downswing. Overtime, the theory is that economic activity will increase and that living standards, employment and the quality of life to rise. The boom or peak stage of the business cycle is when the level of economy is at its highest. It occurs after the upswing stage. The levels of expenditure, output income and employment are also at theirRead MoreBenefits Of International Lending Institutions911 Words   |  4 Pagesdescribed as the institutions (private or public) which collect the funds from other organizations or the public to invest those funds in financial assets. 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Code of Ethics Research Paper - 1763 Words

Module 6 – Code of Ethics Implementation Plan Paper Edward G. Udell, Sr. Grand Canyon University: LDR-800 Ethical Dilemmas and Stewardship April 4, 2012 Code of Ethics Implementation Plan Paper General overview of organizational ethics policies The organizational ethics polices of this organization is based on developing an ethical climate. This climate is one where everyone---leadership, staff, contractors, vendors, customers, and the public---is treated with the utmost respect. This organization has a zero tolerance for rude and/or discourteous actions, or any signs of disrespect. No type of aggressive behavior, whether in person, writing, by phone, computer, or any device, or failing to assist when danger is present, is†¦show more content†¦3. All employees will endeavor to manage their time wisely by properly balancing personal obligations, employment duties, and family responsibilities, to avoid tardiness or absenteeism. Those employees that are habitually tardy or absent will receive discipline according to the Employee Handbook. 4. All employees will be honest and responsible in their work, speech, and all communications, including personal and organizational finances, never seeking special favors, or borrowing from other employees or from those doing business with this organization. 5. All employees will avoid gossip, or speaking ill of anyone connected with this organization. 6. All employees will be open in attitude and action toward all persons regardless of race, creed, social class, religious beliefs, lifestyle, or position or influence within the organization and community. 7. All employees will seek to be honest in all dealings, using wisdom, courage, and integrity, reporting any acting otherwise to their supervisor or other leader if the supervisor is involved. Those who are not honest in dealings will face immediate termination, and whatever justice is required. 8. 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Alexander the Great †Essay 6 Free Essays

Alexander the Great is often thought of as the greatest military commander that the world has ever seen. He was born in July of 356 B. C to King Philip II of Macedonia and Olympias. We will write a custom essay sample on Alexander the Great – Essay 6 or any similar topic only for you Order Now Since his youth, Alexander was tutored and trained by great philosophers such as Aristotle and Leonidas. His legacy of greatness started with the taming of the wild horse, Bucephalus. Alexander of Macedonia is worthy of the title, Great, due to his strategic military operations, his expansion of the Greek Empire, and the cultural diffusion of the Greeks across the world. Alexander the Great is recognized as one of the greatest commanders that world has ever seen, if not the greatest. Alexander first led troops as a mere teenager and became king afterwards due to the assassination of his father. He decided to expand the Greek Empire, which his dad, King Philip, started but couldn’t finish. At just the age of twenty years old, he set out with a massive army to conquer the east. During his time of campaign, he never lost a singer battle and was hailed as a hero and god for overcoming the Persian Empire. Alexander the Great expanded the Greek Empire to be from the Ionian Sea to a part of Northern India. He formed the largest empire of the time that the world was yet to see. This alone make him deserving of the title â€Å"Great†, but Alexander also played an important role in the cultural diffusion of Greek ideas. Alexander the Great spread the Greek culture throughout the world. The start of western culture came with the Greeks, and Alexander made it achieve global dominance by spreading it throughout the vast empire that he formed. He introduced the notion that the government should be for everyone, no just the wealthy. He is also considered to be a pioneer in urban planning and established around twenty cities, such as Alexandria, that became important trade centers and locations of many cultures. The local culture was further changed by Alexander’s Greek-influenced city planning techniques, which established towns with a central market square, school, offices, shops, a public theater, and gym. It was changes such as these that led to the Hellenistic period of Greece after the death of Alexander, which is marked with increasing urbanization. His empire contained many cultures because he allowed the nations he conquered to practice any religion they wanted. He also incorporated some of the ideas of other nation into Greek culture making it stronger and lasting. As Alexander the Great made his way back to Greece, after conquering a part of India, he was stricken with severe fever and died in Babylon at the age of thirty-two. He had achieved so many accomplishments that few could measure up to. His legacy had influence on many cultures and nations and led to many developments in the economy and changes to the government. He redesigned history and was an inspiration to future military leaders like Julius Caesar. It is through these accomplishments that he proved worthy of being called the â€Å"Great†. Alexander the Great changed the historical development of his country. While his father has made major changes inroads in expanded Macrdonia beyond the Balkan Peninusula, it was Alexander who expanded the sphere of influence well beyond even his father’s great expectations. Alexander also carried the message of Greek democracy to Asia and into the dark continent of Africa, the journey that the concept would have never taken place. It was Alexander who introduced the individual freely participating in government, and it was this idea that government was for everyone, not simply for the wealthy. This influenced not only the historical development of his own country, but also inspired other countries to establish the same systems of government. How to cite Alexander the Great – Essay 6, Essays