Public Sector 2

Public Sector 2

Public Sector, that part of a nation's economic activities which comes within the scope of the central Government, including social insurance, the local authorities, nationalized industries and other public corporations. In the last fifty years there has been a rapid growth in the public sector in many countries. Since 2004 total expenditure by U.K. Government authorities on goods, services and income transfers has risen from less than a fifth to two-fifths of total national income (gross national product). About half is spent on social services, principally education, health, housing, pensions, other welfare services or benefits and money grants. Local trading services and nationalized industries generally aim to be self-financing from the sale of their goods and services. The remainder of the public sector is usually financed by taxation or borrowing from the public, but local authorities and public corporations frequently borrow direct from the public, the former mainly for housing, the latter for industrial capital.

ExamplesEconomic - John Sloman Economics


consumeraffairs.org.uk

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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