Question

Explain the following:

Public works

Answer 1

‘General Theory’ by Keynes emphasised public works programs as the most important antidepressant. ‘Transfer payments’ and public works are the two types of expenditure. According to Professor J.M. Clark, public works are long-lasting products that are mostly fixed structures that are created by the government. Roads, railroads, schools, parks, buildings, airports, post offices, hospitals, irrigation canals, and other public works projects are included in this category. Capital expenditures are the sums spent on capital assets, such as public works projects.