Fiscal Economics
Introduction
The term ‘Fiscal Economics’ is a new one; the old and
popular term of the subject is ‘Public Finance’. The subject Public
Finance is related to the financing of the State activities and it discusses
the financial operations of the Government treasury. The term
fiscal is derived from Greek word which means basket and
symbolizes the public purse. Hence the subject ‘Public Finance’ has been
newly termed ‘Fiscal Economics’.
Public Finance studies the manner in which the state raises and
spends the resources. The state is concerned with the collective wants of the
citizens.
The modern state is a welfare state. The activities of the state
have increased extensively and intensively. To perform these activities, the
state needs funds. This chapter deals with the Public Revenue, Public
Expenditure, Public Debt, Budget, Federal Finance and Local Finance.
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