Public economics is a subfield of economics that deals with the role of the government in promoting economic welfare and addressing market failures. It studies the design and implementation of tax and transfer policies, the provision of public goods and services, and the regulation of markets. Public economics also considers the trade-offs between efficiency and equity, and the impact of government actions on economic growth and stability. The aim of public economics is to understand how government intervention in the economy can enhance overall well-being and address market failures that can lead to inefficiencies, such as unequal distribution of income and wealth, and negative externalities like pollution.
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