Administration, Public Finance and Justice in the Welfare State

Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainties and risks. Finance can also be defined as the science of money management. Market participants aim to price assets based on their risk level, fundamental value, and their expected rate of return. Finance can be broken into three sub-categories: public finance, corporate finance and personal finance.

Justice is the legal or philosophical theory by which fairness is administered. The concept of justice differs in every culture. An early theory of justice was set out by the Ancient Greek philosopher Plato in his work The Republic. Advocates of divine command theory say that justice issues from God. In the 17th century, theorists like John Locke advocated natural rights as a derivative of justice. Thinkers in the social contract tradition state that justice is derived from the mutual agreement of everyone concerned. In the 19th century, utilitarian thinkers including John Stuart Mill said that justice is what has the best consequences. Theories of distributive justice concern what is distributed, between whom they are to be distributed, and what is the proper distribution. Egalitarians state that justice can only exist within the coordinates of equality. John Rawls used a theory of social contract to show that justice, and especially distributive justice, is a form of fairness. Property rights theorists (like Robert Nozick) take a deontological view of distributive justice and state that property rights-based justice maximizes the overall wealth of an economic system. Theories of retributive justice are concerned with punishment for wrongdoing. Restorative justice (also sometimes called "reparative justice") is an approach to justice that focuses on restoring what is good, and necessarily focuses on the needs of victims and offenders.

In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the Öffentlichkeit or public sphere. The concept of a public has also been defined in political science, psychology, marketing, and advertising. In public relations and communication science, it is one of the more ambiguous concepts in the field. Although it has definitions in the theory of the field that have been formulated from the early 20th century onwards, it has suffered in more recent years from being blurred, as a result of conflation of the idea of a public with the notions of audience, market segment, community, constituency, and stakeholder.

Welfare is the provision of a minimal level of well-being and social support for citizens and other eligible residents without sufficient current means to support basic needs. In most developed countries, welfare is mainly provided by the government from tax revenue, and to a lesser extent by NGOs, charities, informal social groups, religious groups, and inter-governmental organizations.