Public budegt is a budget of the government working at different levels. It is a document containing policy of the government towards the development of the economy, with emphasis on social welfare maximisation. Budget also indicates the beneficiary section of the community and sufferers as well. This shows the necessity of studying public budget and its interpretation.
Article Public Budget Choices and Private Willingness to Pay
As the fundamental and most visible document relating to public resource allocation in any community, nation, or region, yes it should be a very public document open to both consultation and contestation through democratic integrated planning which should inform agreed performance indicators for program management and budgeting.
I totally agree that an interpretation of the public budget is important to not only those who are familiar with financial issues but also to those who are going to benefit with the budget whether directly or indirectly. Since the public budget stipulates the public revenues and expenditure in a particular fiscal year, so it needs a thorough analysis. The problem I feel here is on the context and the scope of interpretation of the budget. I propose that the analysis and not the interpretation should be the right word since it shows the the value for money of the budget. Key questions to the analysis of the budget should focus on whether the budget is gender sensitive? whether the budget is equity focused ? and whether the budget is considering critical issues in the country. Thus the public budget is a financial plan highlighting the intention of the government to do in the coming fiscal year. In political economy, it is viewed as a political document since it is vested on the interest of the politicians. All in all the budget has to be prepared in such a manner that even a lay man can understand what the contents of it mean.
I would even more broadly argue that analyzing politics and political economy in general is highly important because in most countries around 50% of GDP goes through the hands of collective institutions (government, etc.) and the remaining 50% are influenced by the rules set up by collective institutions.
The most relevant studies involving politics and economics. This is because we live in a capitalist society, so economically. Greece was the policy of public affairs, since the economy was about private matter. Currently, most of the policy is economic. According to Aaron Wildavsky's budget translates much of a society. I have not studied this very point. But the cultural approach and neoinstitutionalist help much. In Brazil, where I live, is crucial to the way political coalitions are gone because of its character of authorization, not prescriptive. Can the government then negotiate their efetivção. For a while there was a lot of interest over the control of the public budget, but decreased interest despite being fundamental. Seem to want people to not know what happens with tax money.
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