Benue State University, Makurdi

Fiscal Policy as Component Part of Public Finance: A Theoretical Survey

Otaha Jacob Imo

Abstract

The aim of this paper is to examine the extent of government intervention in the economy through its fiscal instrument which in itself is the core instrument of public finance, since every national government, whether developed or underdeveloped, requires such intervention for its development process. The paper also looks at the controversy between monetarist and Keynesian schools over the rationale for government intervention in the economy as well as some major problems militating against the smooth operation of public finance in Nigeria. The paper also compares public finance with its private counterpart — the business finance — and summarizes the decision making consideration in both sectors of the economy.

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