Public Finance

Contents:
Preface
Acknowledgements
Chapter 1. Introduction to Public Finance • Introduction • Nature and Scope of Public Finance • Nature of Public Finance • Scope of Public Finance
Chapter 2. Types of Goods in Economics and Market Failure • Introduction • Types of Goods • Market Failure and Causes • Meaning of Market Failure • Causes of Market Failure • How to Correct Market Failures Caused by Different Factors?
Chapter 3. Some Basic Concepts of Taxation • Introduction • Some Key Concepts on Taxation • Types of Taxes • Difference Between Direct Tax and Indirect Tax • Difference Between Impact and Incidence of Tax • Merits and Demerits of Direct Tax and Indirect Tax • Classification of Tax Based on Tax Rate Structures • Classification of Commodity Taxes • Shifting of Tax Burden • Factors that Determine Tax Shifting • Canons of Taxation • Adam Smith’s Canons of Taxation • Other Canons of Taxation • Tax Reforms • Tax Reforms in India
Chapter 4. Different Types of Taxes • Introduction • Direct Taxes and Types • Indirect Taxes and Types • Trends of Tax Revenue From Direct and Indirect Taxes
Chapter 5. Theories of Taxation • Introduction • Benefit Principle of Taxation • The Ability to Pay Theory of  Taxation • Principle of Maximum Social Advantage • Optimal Taxation Theory • The Theory of the Second Best of Taxation • Deadweight Loss Theory of Taxation • Laffer Curve • Pigouvian Tax Theory • Barro’s Tax Smoothing Theory • Theories of Tax Incidence • Concentration Theory • The Diffusion Theory • The Modern Theory of Tax Incidence
Chapter 6. Public Expenditure and Theories of Public Expenditure • Introduction • Functions of Government: The Role of Government in an Economic System • Theories of Public Expenditure • Wagner’s Law • Peacock-Wiseman Hypothesis • Samuelson Theory or Pure Theory of Public Expenditure • Classification of Public Expenditure • Canons of Public Expenditure • Other Canons of Public Expenditure • Some Areas in Which the Modern Government Makes Expenditure • Subsidy • Direct Benefit (Cash) Transfer Versus Material Transfer (Subsidy) • Universal Basic Income (UBI) 
Chapter 7. Fiscal Deficit and Fiscal Consolidation • Introduction • Deficit Indicators in Government Finance • Centre and State Governments’ Combined Finances • Trends of Different Fiscal Indicators for Both the Centre
and State Governments • Deficit Financing • Means of Deficit Financing • Importance/Advantages of Deficit Financing • Disadvantages of Deficit Financing • Monetarists’ Views on Deficit Financing • Keynesian Views on Deficit Financing • Fiscal Consolidation • Fiscal Policy and Fiscal Policy in India • Fiscal Policy in India
Chapter 8. Government Budget and Public Debt • Introduction • Government Budgeting • Types of Budgets • Balanced Budget • Surplus Budget • Deficit Budget • Golden Rule • Gender Budgeting • Fiscal Responsibility and Budget Management (FRBM) Act, 2003 • Features of the FRBM Act, 2003 • FRBM Act, 2003 and Constitutional Constraint on Deficits • Public Debt Sustainability in India • Classification or Types of Public Debt • Sources of Public Debt • Internal Sources/Domestic Public Debt • External Sources of Public Debt/External Public Debt • Status of Internal and External Debt of the Indian Government • Difference Between Private Debt and Public Debt • Importance of Public Debt • Redemption of Public Debt • Public Debt Management 
Chapter 9. Cost-Benefit Analysis • Introduction • Steps in Doing Cost-Benefit Analysis • Advantages of Cost-Benefit Analysis • Disadvantages/Limitations of Cost-Benefit Analysis
Chapter 10. Conclusion

About the Author:
Dr Joel Basumatary is Assistant Professor of Economics, currently serving at Bharathidasan Government College for Women (Autonomous), Government of Puducherry, Union Territory (UT) of India. He was selected by the Union Public Service Commission for Assistant Professor of Economics at UT of Puducherry. He has taught public finance for over eight years. Further, Dr Basumatary has authored several research papers in the field of public finance and fiscal policy, which have been published by some reputed publishers like the WILEY Online Library, Emerald Publishing, Springer Nature, and Sage Publishing, among others. He is a recipient of the National Eligibility Test cum Junior Research Fellowship from the University Grants Commission (UGC), Ministry of Education, Government of India. He was also awarded a fellowship from the University of Bergen, Norway, for the Doctoral Level Programme on Sustainable Development Goals course. He is a member of both the Indian Health Economics and Policy Association and the International Society for Priorities in Health. He was awarded his doctorate (PhD) by the North Eastern Hill University, Shillong, India.