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Public Finance is a field of study on the role government plays in the economy. It is a field of economics concerned with how governments raise money, how that is spent and the effects of these activities on the economy and society.

Governments can pay for spending by borrowing although borrowing is a method of distributing tax burden through time rather than a replacement of taxes.

A deficit is the difference between government spending and revenues.

 

Read More: Pension industry in Kenya to finance The Big Four Agenda

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