HPH Modern Public Finance : Theory and Policy by Professor D.M. Mithani

Public Finance is a subject of unique importance in the field of macroeconomic studies. Public Finance is essentially a study of the role of government in a modern economy-relating to the means of financing public expenditure as revealed through the budget. Fiscal policy of the government gives a direction and shapes the budgetary constituents. It has wider repercussions on the economic system and microeconomic performance of the economic society. Indeed, budget is a means to implement government programmes as well as induce the country as a whole towards fulfilment of socio-economic goals declared on national agenda, in short run phases of medium-term planning or programming perspective. Effectiveness of the budget in this regard depends on its structure and piercing of fiscal operations involving government revenue and expenditure. Indeed, Public Finance is a fascinating and excellent subject in economic discipline that involves pragmatic application of economic theory, ideas and techniques, interacting with real-world problems in a political economy.