How should the State react to the current Public Finance Crisis: Cuts versus Efficiency improvements?
| Authors | |
|---|---|
| Year of publication | 2013 |
| Type | Article in Proceedings |
| Conference | The 7th International Days of Statistics and Economics: Conference Proceedings |
| MU Faculty or unit | |
| Citation | |
| Field | Management and administrative |
| Keywords | public finance crisis; reactions; cuts; efficiency; moral principles |
| Description | The world economy and particularly the advanced economies had slowed substantially in 2008, but have gone into deep recession in the following years. Some signs of returning to positive growth are visible from 2010, but recent fiscal problems of many countries signalise that “the problem might not be over”. In our paper we first try to show the principles and character of the current crisis. Than we focus on its current phase that might be named “public finance crisis”. The core part indicates that between many existing solutions the states shall focus on improving efficiency and effectiveness of public expenditures. Too many “black holes” still persist in all areas of public financing, “fixing” at least some of them may significantly help to balance fiscal results of market economies. But far above all these affairs stays a question about the moral principles and the inner values of the economic agents (of us), which are the true causes of the actual state. |
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