This video systematically covers the core areas of Introductory Economics II – Meaning & Definition of Public Finance (given by Philip E. Taylor, Hugh Dalton, Mrs. Ursula Hicks & Musgrave), Module II – Public Finance, Complementary Course come under the 3rd / 4th semester, B.A. Degree Programme, Calicut University. Please watch and share the video to needful persons. Thank you.

Hello friends very good morning to one and one today we are going to discuss public finance or physical economics so here we need to discuss the meaning and the definition of public finance see here the first point is that it is a branch of economics okay this is the first point branch of economics public finance is one of the branches of economics like

Microeconomics microeconomics international economics econometrics labor economics etcetera okay and also we can see there are two terms public and finance what do you mean by public see public we can simply say central government okay then state government and local self-government see public central government state government or local self-government

Finance what do you mean by finance that is simply you know income and expenditure of a particular unit a reminder about terminator public finance and the father logit we can simply say it is or it deals with income and expenditure of public authority central government and state government entering a local self-government while we are discussing you

Know the subject matter of public finance we can say public revenue public expenditure public debt fiscal policy budget federal finance local finance deficit financing and so on okay kind of the classical economist classical economist you know david ricardo every tax is enabled and every public expenditure is unproductive we will discuss elaborately all

These things in the coming video see the modern governments you know are welfare oriented government classical economist and the you know licensed fair system or even that is very limited role of state in economic affairs police state but you know modern governments are welfare-oriented state public finance actually deals with the fiscal operations of the

Government fisk fisc you know f-i-s-c fisk fiscal analyst public treasury right see i would like to mention you know around the four definitions here i would like to define public finance or fiscal economics you know that is properly given by you know philip e tyler hugh dalton ursula hicks professor okay so public financial initiative let me explain the

Definition given by philip e tyler according to philip a tyler in his work the economics of public finance public finance is the fiscal science its policies are fiscal policies its problems are fiscal problems associated with income and expenditure of the government how a government rises fund how it spends then what about the public debt how it affects

Economic activities like production consumption and so on okay of a philippine islander our definition let me explain the definition given by hug dalton that is also very very important okay we can see professor hugh dalton states that public finance one of those subjects which lies on the border line between economics and politics it is concerned with the

Income and expenditure of public authorities and with the adjustment of one to the other okay and his definition he actually discussed in his important work in his important book named principles of public finance okay that is also you know very interesting definition it is a border line between politics and economics and that is also discussed you know

Income generation and also you know public expenditure okay economics in politics in the daily matter public finance you know government the role of government in economic activities okay government tax mobilizer you know uh economy okay now you know another definition that is clearly given by urusula hicks that is also very very interesting definition

Mrs urusula hicks articulated that the main content of public finance consists of the examination and appraisal of the mothers by which governing bodies provide for the collective satisfaction of wants and secure the necessary funds to carry out this purpose what do you think about urusula x definition you know in which we can see collective wants you can

Underline that conductive ones and you know the methods of fund mobilization for meeting this purpose collective wants private wants to satisfy you know the private goods and they didn’t work on private finance we will discuss what are the major differences between public finance and private finance in the coming video okay collective wants that is actually

Meet by the public goods that is applied by the public authority like okay income generation public revenue or tax non-tax revenue and so on that is the definition of urusula higgs now you know the last one you know professor mas grave and he discussed you know the fiscal operations of the government that is in a very broad definition a broad understanding

Of public finance that is you know three major things that is you know a location function a location function professor muskrat an american economist well-known economist physical economist then you know distribution function take measures to reduce the gap between the rich and the poor and also you know stabilization function you know these are the three

Important fiscal operations that discharged by the public authority according to professor muskrat okay we know definitions in english statement you know a particular branch of economics which deals with the income and expenditure of public authority and also the policies that account by the government in the name of fiscal policy or fiscal operations like

Public revenue public expenditure and public debt budget and so on and also you know supplying of public goods and mobilization of revenue and all the things you know that is actually come under you know public finance that is the first topic please listen and make short knot and make revisions thank you so much all the very best stay positive and stay blessed you

Transcribed from video