The study of the government’s role in the economy is called Public Finance. Public Finance is a major branch of economics. It assesses the revenue of the government and the expenditure of public authorities. The overview of public finance is mainly divided into three branches. They are Resource Allocation, Distribution of Income, and macroeconomic stabilization. Theoretically, private markets are the only market which provides goods and services efficiently. If the private markets can provide outcomes that are efficient and the income distribution becomes socially acceptable, then there is absolutely no scope for the government. There are situations where private markets violate market efficiency conditions. If many people prefer the same product, they supply too little of that goods. In situations that a private market is not able to allocate goods or services in an efficient manner then it leads to market failure.
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