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What is public economics?
Public economics can be defined as the study for government policy about economic equity and efficiency. It involves deep knowledge of government policies. It is part of economics that studies the effect of economic policies emphasizing on taxation. The importance of public economics is that it shows how government policies are going to affect the public.
In public economics, individuals make most of the decisions but government policies can affect the decisions. This means that public economics is used to benefit the economy collectively without considering individual interest. Public economies came into existence because it was realized that an economy cannot exist without regulation/law enforcement. Public economics helps in lessening inequalities, providing security for entrepreneurs, economic growth, and infrastructure development among many other benefits.