The public administration and economics have a very complex relationship with one another. For instance, the public administration does the policies, which can either make or break the economy.
Public opinion is views represented by the general public and policy making is adopted by the government. SO - public opinion can impact policy making in a positive or negative way, whether it is in your favor or not in your favor.
Politics deals with how to govern or control, to manage public affairs. Economics discusses economic policy. It takes a government to govern and to control, but it is the government to execute its economic policy.
Normative economics is the idealized part of economics that encompasses value judgments about economic fairness. It typically concerns what the outcome of an economy or what public policy ought to be.
F. Hartog has written: 'Zicht op ons sociaal-economische bestuur' -- subject(s): Economic policy, Social policy 'Onze welvaartsstaat' -- subject(s): Welfare economics 'Overheid en economisch leven' -- subject(s): Economic policy, Finance, Public, Public Finance 'Toegepaste welvaartstheorie' -- subject(s): Welfare economics 'Wegen naar welzijn' -- subject(s): Welfare economics, Economics
Jean Hindriks has written: 'Mobility and redistribution reconsidered' 'Public versus private insurance with non-expected utility' 'Intermediate public economics' -- subject(s): Economic policy, Public Finance, Welfare economics
Gardiner Coit Means has written: 'The heterodox economics of Gardiner C. Means' -- subject(s): Economics 'Administrative inflation and public policy' -- subject(s): Economic policy, Inflation (Finance) 'Pricing power & the public interest' -- subject(s): Steel, Prices, Pricing, Price policy
B. N. Siegel has written: 'Aggregate economics and public policy'
Distinguish between a public law relationship and a private law relationship.
Public Policy is the set of guidelines and laws for public administration. Public administration "entails civil servants implementing a specified policy within the confines of a government executive framework".
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. At its most basic level, public economics provides a framework for thinking about whether or not the government should participate in economics markets and to what extent its role should be. In order to do so, microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference. Inherently, this study involves the analysis of government taxation and expenditures.
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. According to Lionel Robbins, Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Managerial economics, used synonymously with business economics, is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. According to McGutgan and Moyer, "Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions".