Public Finance

Public Finance

Read FREE!

Public Finance

Public Finance

Read FREE!

Excerpt

In preparing this edition (which has been seriously delayed owing to pressure of other work) it has been my aim, while preserving the general character of the book, to give due place to the various recent contributions to financial theory and to the latest developments of fiscal policy in the leading countries of the world.

Thus, the discussions on the classification of public expenditure, the theory of minimum sacrifice as the principle for distribution of the public burdens, the controversies as to the division of taxation between countries with a common revenue system, as well as those on the true principles of local taxation, have been noticed. So have the latest theories on the ever-recurring question of incidence. But though we must gladly recognise the increased interest that the revival of economic inquiry has attracted to the more abstract side of financial theory, it is yet essential to remember that the new matter is small in proportion to the body of pre-existing doctrine. There has been no fundamental change, but only that expansion which is characteristic of all scientific study. Hence the space allotted to the topics mentioned above has been rigidly restricted and their relation to the general system made as obvious as possible.

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