Discuss how the role and function of budgeting has been utilized to correct externalities and other market failures
In an evaluation, discuss how the role and function of budgeting has been utilized to correct externalities and other market failures. Additionally, justify the use of taxpayer resources to correct externalities and other market failures.
1-Summarize the role of the government in the budget process.
2-Analyze the role of the government in correcting externalities and other market failures.
3- Justify the use of taxpayer resources to correct externalities and other market failures.
Support the assertions using scholarly and/or Biblical citations in current APA format. Each reply must use scholarly and/or Biblical citations in current APA format. Any sources cited must have been published within the last five years.
NOTE: Externalities are a consequence of a governmental activity that affects other parties without this being reflected in the cost of the goods or services involved. Externalities by nature often are environmental . Some examples of negative externalities include:
Air pollution, water and noise pollution, farm animal production, passive smoking and traffic congestion.
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Source number One
Part 1 What is a Public Budget? Origins and Purposes
The first essay describes what public budgeting is and how it differs from individual and family budgeting; the second describes the origins of public budgeting in the United States. The next two pieces deal with what budgeting is designed to do, and how it accomplishes those goals. Together, the pieces in this part introduce several themes that are echoed throughout the book. The first is that government budgeting is necessarily and appropriately different from private sector budgeting; the second is that waves of budget reform are aimed at adapting public budgeting to the problems of the day, such as departmental overspending, mobilizing resources to solve societal problems such as health care, or cutting back spending to reduce taxes and the scope of government. Budgeting changes because the problems budgets confront change.
Most people approach public budgeting from the nearest thing that they know, either business budgeting or family budgeting. Joseph White’s essay contends that both comparisons are flawed. White argues that economic theories based on modeling individuals’ behavior miss their mark because they pay inadequate attention to the actual structure of budgeting, which provides any number of constraints. Far from being the expansionary enterprise envisioned by those describing “the budget maximizing bureaucrat,” in the United States, budgeting is a process marked by competition among committees and branches of government and limited by revenue ceilings and spending caps. Budgeting implies both the articulation of demands and needs and prioritizing those demands and needs to keep totals in some kind of discipline.
The second selection, “Who Invented Public Budgeting in the United States?” tracks the origin of modern governmental budgeting to the early 1900s. This essay argues that business did not develop budgeting but rather that government, borrowing from the social services, came up with a model that was later imposed on businesses. This history was obscured by reformers who were funded by the business community and sought its approval by touting the excellence of business. The essay reinforces the idea that business and government are different, and that the level of accountability required from government is much higher. Using the budget and accounting data to achieve public accountability was a major concern of early budget reformers.
The third essay introduces the idea that budgeting and its key functions change over time, depending on which problems are dominant at the moment. Allen Schick argues that budgets differentially emphasize spending controls, management improvements, or planning, while still performing all three functions. He describes a succession of reforms, from line-item budgets geared to spending controls, to program budgeting that facilitates productivity and management improvement, to complex integrated planning and management documents advocated by PPBS, planning program budgeting systems. Each reform addressed the dominant problems of the era.
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