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Fiscal Federalism
As a subfield of public economics, fiscal federalism is concerned with "understanding which functions and instruments are best centralized and which are best placed in the sphere of decentralized levels of government" (Oates, 1999). In other words, it is the study of how competencies (expenditure side) and fiscal instruments (revenue side) are allocated across different (vertical) layers of the administration. An important part of its subject matter is the system of transfer payments or grants by which a central government shares its revenues with lower levels of government. Federal governments use this power to enforce national rules and standards. There are two primary types of transfers, conditional and unconditional. A conditional transfer from a federal body to a province, or other territory, involves a certain set of conditions. If the lower level of government is to receive this type of transfer, it must agree to the spending instructions of the federal government. An exam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Economics
Public economics ''(or economics of the public sector)'' is the study of government policy through the lens of economic efficiency and Equity (economics), equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and if so to what extent it should do so. Microeconomic theory is utilized to assess whether the private market (economics), market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and government spending, expenditures. This subject encompasses a host of topics notably market failures such as, Public good (economics), public goods, externalities and Imperfect competition, Imperfect Competition, and the cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tiebout Hypothesis
The Tiebout model, also known as Tiebout sorting, Tiebout migration, or Tiebout hypothesis, is a positive political theory model first described by economist Charles Tiebout in his article "A Pure Theory of Local Expenditures" (1956). The essence of the model is that there is in fact a non-political solution to the free rider problem in local governance. Specifically, competition across local jurisdictions places competitive pressures on the provision of local public goods such that these local governments are able to provide the optimal level of public goods. Overview Tiebout first proposed the model informally as a graduate student in a seminar with Richard Musgrave, who argued that the free rider problem necessarily required a political solution. Later, after obtaining his PhD, Tiebout fully described his hypothesis in a seminal article published in 1956 by the ''Journal of Political Economy''. Tiebout believed that the ideas of shopping and competition could be brought into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Federalism
New Federalism is a political philosophy of devolution, or the transfer of certain powers from the United States federal government back to the states. The primary objective of New Federalism, unlike that of the eighteenth-century political philosophy of Federalism, is the restoration of some of the autonomy and power, which individual states had lost to the federal government as a result of President Franklin Roosevelt's New Deal policies. Many of the ideas of New Federalism originated with Richard Nixon. As a policy theme, New Federalism typically involves the federal government providing block grants to the states to resolve a social issue. The federal government then monitors outcomes but provides broad discretion to the states for how the programs are implemented. Advocates of this approach sometimes cite a quotation from a dissent by Louis Brandeis in '' New State Ice Co. v. Liebmann'': On the Supreme Court From 1937 to 1995, the Supreme Court of the United States did not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full Fiscal Autonomy For Scotland
Full fiscal autonomy (FFA) – also known as devolution max,McLeish reiterates support for devo-max www.holyrood.com, accessed 23 October 2011 devo-max, or fiscal federalism – is a particular form of far-reaching proposed for and for . The term has come to describe a constitutional arrangement in which instead of receiving a |
Fiscal Union
Fiscal union is the integration of the fiscal policy of nations or states. In a fiscal union, decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. A fiscal union does not imply the centralisation of spending and tax decisions at the supranational level. Centralisation of these decisions would open up not only the possibility of inherent risk sharing through the supranational tax and transfer system but also economic stabilisation through debt management at the supranational level. Proper management would reduce the effects of asymmetric shocks that would be shared both with other countries and with future generations. Fiscal union also implies that the debt would be financed not by individual countries but by a common bond. In the European Union, fiscal union has been mooted as a next step forward into deeper European integration but, , remains largely just a proposal. If fiscal union were to happen, nat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Imbalance
Fiscal imbalance is a mismatch in the revenue powers and expenditure responsibilities of a government. Fiscal imbalances as differences in net fiscal benefits A fiscal imbalance emerges when sub-national governments have different abilities to raise funds from their tax bases and to provide services. This creates differences in ‘net fiscal benefits’, which are a combination of levels of taxation and public services. It is these NFBs which are the main cause of horizontal fiscal disparities that in turn generate the need for equalization grants. Prominent among the objectives commonly attributed to intergovernmental fiscal transfers is ‘equalization’ of fiscal capacities or resolution of fiscal imbalances. Thus, the transfer system can promote efficiency in the public sector and can level the field for intergovernmental competition. The discussion of fiscal imbalance and equalisation was of particular importance in the drafting of the new Iraqi constitution. It was a stick ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Centre For Tax Policy And Administration
Center or centre may refer to: Mathematics *Center (geometry), the middle of an object * Center (algebra), used in various contexts ** Center (group theory) ** Center (ring theory) * Graph center, the set of all vertices of minimum eccentricity * Central tendency, measures of the central tendency (center) in a set of data Places United States * Centre, Alabama * Center, Colorado * Center, Georgia * Center, Indiana * Center, Warrick County, Indiana * Center, Kentucky * Center, Missouri * Center, Nebraska * Center, North Dakota * Centre County, Pennsylvania * Center, Portland, Oregon * Center, Texas * Center, Washington * Center, Outagamie County, Wisconsin * Center, Rock County, Wisconsin **Center (community), Wisconsin *Center Township (other) *Centre Township (other) *Centre Avenue (other) *Center Hill (other) Other countries * Centre region, Hainaut, Belgium * Centre Region, Burkina Faso * Centre Region (Cameroon) * Ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flypaper Effect
The flypaper effect is a concept from the field of public finance that suggests that a government grant to a recipient municipality increases the level of local public spending more than an increase in local income of an equivalent size. When a dollar of exogenous grants to a community leads to significantly greater public spending than an equivalent dollar of citizen income: money sticks where it hits, like a fly to flypaper. Grants to the government will stay in the hands of the government and income to individuals will stay with these individuals. Founding The concept was first described in a metaphorical way by Arthur Okun in response to the research of his colleague Edward Gramlich, which was published in 1979 as ''The Stimulative Effects of Intergovernmental Grants''. Gramlich, together with Courant and Rubinfeld, sought an explanation for the phenomenon that nonmatching grants stimulate much more local spending per dollar of grant than does income going to private citizens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Failure
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value.Paul Krugman and Robin Wells Krugman, Robin Wells (2006). ''Economics'', New York, Worth Publishers. The first known use of the term by economists was in 1958,Francis M. Bator (1958). "The Anatomy of Market Failure," ''Quarterly Journal of Economics'', 72(3) pp351–379(press +). but the concept has been traced back to the Victorian writers John Stuart Mill and Henry Sidgwick.Steven G. Medema (2007). "The Hesitant Hand: Mill, Sidgwick, and the Evolution of the Theory of Market Failure," ''History of Political Economy'', 39(3)pp. 331��358. 200Online Working Paper. Market failures are often associated with public goods, time-inconsistent preferences, Information asymmetry, information asymmetries, Market structure, failures of competition, principal–agent problems, externalities,Jean-Jacques L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vanguard (Nigeria)
''Vanguard'' is a Nigerian daily published by Vanguard Media, headquartered in Lagos, Nigeria. Vanguard Media was established in 1984 by journalist Sam Amuka-Pemu and three friends. The paper currently has an online edition. In June 1990, the paper's publication was briefly suspended by Col. Raji Rasaki, the Military Governor of Lagos State Lagos State (, ) is a States of Nigeria, state in South West, Nigeria. Of the 36 States of Nigeria, Nigerian states, Lagos is the second List of Nigerian states by population, most populous state but the List of Nigerian states by area, smallest .... In December 2008, "current affairs resource" website ''Point Blank News'' published a story that alleged the wife of the publisher of Vanguard Newspapers was involved in a ritual killing. ''The Vanguard'' took the reporter to court, claiming he was attempting extortion. In December 2009, a Niger Delta peace activist commended Vanguard Newspaper for its reporting on the government's in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decentralization
Decentralization or decentralisation is the process by which the activities of an organization, particularly those related to planning and decision-making, are distributed or delegated away from a central, authoritative location or group and given to smaller factions within it. Concepts of decentralization have been applied to group dynamics and management science in private businesses and organizations, political science, law and public administration, technology, economics and money. History The word "''centralisation''" came into use in France in 1794 as the post-French Revolution, Revolution French Directory leadership created a new government structure. The word "''décentralisation''" came into usage in the 1820s. "Centralization" entered written English in the first third of the 1800s; mentions of decentralization also first appear during those years. In the mid-1800s Alexis de Tocqueville, Tocqueville would write that the French Revolution began with "a push towards ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ezenwo Nyesom Wike
Ezenwo Nyesom Wike (born 13 December 1964) is a Nigerian politician and lawyer who has served as the minister of the Federal Capital Territory since 2023. He previously served as the governor of Rivers State from 2015 to 2023. He is an Ikwerre man from Rumuepirikom in Obio-Akpor, Rivers State. He is a member of the Peoples Democratic Party and was graduated from the Rivers State University of Science and Technology. Wike was elected as a two-term Executive Chairman of Obio Akpor Local Government Area from 1999 to 2007. He was appointed Minister of State for Education on 14 July 2011. Wike was later appointed the Acting Minister of Education, after Ruqayyah Ahmed Rufa'i was sacked but resigned before finishing his term to campaign for governor of Rivers State. He was replaced by Viola Onwuliri. In 2014, he won the Rivers State Peoples Democratic Party primaries and chose former Secretary to the State Government Ipalibo Banigo as his running mate for deputy governor. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
