ECON545 Lecture 7 Overview
Given finite economic resources at any given time, it is clear that what is allocated to government use subtracts from what can be used by the private sector. Thus one of the most fundamental problems faced by every nation is determining the appropriate balance between private and public (i.e., government) activity. A special discipline of public economics has emerged to analyze and consider this issue along with many others, and we cover the basics in this course. This coverage is important in the business context because government policies ultimately impact what the business can and cannot do on a day-to-day basis. In a very real way, government policies impose constraints on business behavior.
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