Problem:
The key goals of entire economic policy are conventionally defined as growth, equity, and constancy. It has long been understood that these three goals are opposite over the long-term. Economic growth gives the resources needed for poverty diminution, but can’t be sustainable if it is not accompanied by sufficient stability and equitable policies. Unstable economic and financial circumstances are inimical to growth, and characteristically hurt the poor most. But stability in a context of persistent economic stagnation and poverty is hardly a desirable outcome. In the short-term, but, these goals might be mutually conflicting, and a sound resolution is required (and hence a robust institutional mechanism) that takes all three into consideration in coherent policy package.
Required:
Explain in details the three major objectives of Public Expenditure Management.