Public Finance & Elements Of Public Finance

DEFINITION
Public finance can be defined as under.
“Public finance refers to the methods and principles which are concerned with the public revenue, expenditure and borrowing”.
XI Economics Public Finance & Elements Of Public Finance

Professor Herald Groves: an authority on public finance, defines it as.

“A field of inquiry that treats of the income and outgo (expenditure) of governments (federal provincial and local). In modern times, this includes four major divisions: public revenue, public expenditure, public debt and certain problems of fiscal System”.

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ELEMENTS OF PUBLIC FINANCE

  • PUBLIC REVENUE

This part includes the study of the methods of raising public revenues and the principles of taxation.


  • PUBLIC EXPENDITURE

This part consists of the study of the principles and the effects of public expenditure.

  • PUBLIC DEBT

This part includes the study of the methods of raising public debt.

  • CETAIN PROBLEMS OF FISCAL SYSTEM

This part consists of the study of the certain problems of fiscal system.


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