Public economics is that part of economic study which focuses on the impact that public sector and its policies have on private sector and the economy as a whole. It basically studies the interface between public sector and private sector. It studies the revenues (taxation) and expenditures of public sector. Public economics has been formed on the foundation of the welfare economics.
Broadly public economics has the following content:
Public finance (role of government in the economy): applications and theory
Effects of taxation and subsidies
Analyzing market failure and government failure.
Designs of public policies.
Public economy basically focuses on how government can help in welfare of the economy.
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