Economics · Public Finance and Budgetary Functions
Which political economist defined a budget as a 'document containing a preliminary approved plan of public revenues and expenditure,' and which function of the public budget, according to Richard Musgrave's framework, is specifically concerned with correcting market failures by providing public goods like defence and infrastructure while using excise duties to discourage demerit goods?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rene Stourm; Allocation Function✓
- 2Trygve Haavelmo; Stabilisation Function
- 3Peter Pyhrr; Efficiency Function
- 4David Ricardo; Distribution Function
Correct answer
Rene Stourm; Allocation Function
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