Public finance science or art?
The study of science and art is included like revenue.
what is science?
That branch of knowledge is called science, in which any subject is studied systematically. This study is based on observation, analysis, and experiment. "Science considers anything as complete and based on it, deep experiment, careful observation, and correct analysis." There are two types of science-
- positive science, and
- normative science.
In real science, only 'architecture' is studied. It simply answers the question 'What is it?' Real science is like a lighthouse, which gives light to the ship, but does not tell which direction the ship should go? In contrast, ideal science not only studies the actual situation but also determines its ideal. The meaning of 'ideal' is found in both 'reality' and 'ideal'.
Public Finance is Science- Prof. Plehan has considered public finance as a science and has presented the following arguments in this regard-
(i) To imagine
Revenue can be predicted in advance by making certain analyses regarding the situation of any type of commodity.
(ii) Last relation
Since public finance is related to sciences like political science and economics, it can also be called a science.
(iii) Rule section collection
The essence of the principles and theories of public finance can be summarized. Many rules apply only to one science.
(iv) Scientific rules
Since all the parameters of scientific research are used in public finance, it can be called science.
(v) Relationship with human knowledge
Public finance has always been considered a science because it is related to a special area of human knowledge.
Meaning of art
Art means doing any work easily. The purpose of art is to show an inclination toward the right direction. When science is applied in practice, it is considered as art.
Also read-Public Finance: Meaning, definition, scope, nature, and Importance
Public Finance as an Art
the Finance Minister has to do taxation from the point of view of income, which is a subject of study of real science, in this regard, at the time of taxation, the Revenue Minister has to keep in mind that there should be a minimum loss to the public due to taxation and on the other hand Even in the original state it is a subject of study of art. Recognizing the art aspect of public finance, Prof. What Plenhan means is that all the documents related to public finance can be stored properly and conclusions can be drawn from them which cannot be drawn from economics and political science.
Conclusion- Thus, public finance has been called both science and art. He is knowledgeable about the science of studying the community by collecting funds from Karopan and other musicians and organizing conferences for the benefit of the public. The work that goes into presenting these communities in action depicts the artistic side of public finance. Basically, in conclusion, we can say that public finance is both an art and a science.
Also Read-EVOLUTION OF PUBLIC FINANCE (Economic Activities of State)
Contents of Public Finance
The material of public finance can be collected in the following ways-
The main division in public finance is between public income and public expenditure, which form two similar objects of the subject. Public debts are treated as a separate branch because they give rise to many special problems.' The subject matter of revenue includes the following:
(1) Public Expenditure
It is necessary to study public expenditure that "just as the consumer is important in economics, in the same way, public expenditure is an important part of revenue. In this madness of public finance, it is necessary to study what are the functions of public expenditure. "It is necessary to do this on the lunatics." All workers have been enlisted for public expenditure in the public interest.
Also read- Market: Meaning, definition, elements, classification and expansion of market
(2) Public Revenue
Various sources of state finance are studied to meet government expenditures. The study of any of these documents, tax burden, tax methodology, etc. is based on the public. It is only by receiving public income that the government obtains services from all its workers. A study of all the documents related to income is publicly recorded. Public income tax and public company income are the main ones.
(3) Public debt
If the amount of public income is not sufficient to meet the expenses then the government uses the amount received in the form of public debt in the expenditure enterprise. Basically, loans and other related principles are studied. There are also restrictions on public borrowings to determine the economic development of the country. This loan can be obtained from both internal and external musicians. Regarding the loan, the responsibility of returning the principal amount and the business remains on the government.
(4) Financial Administration
It includes the proceedings of preparing and publishing the budget. Pro. Bastable thinks that "No book of finance can be complete unless it studies the problems of financial administration and budget. Under this, mainly three things are studied -
- Making of budget,
- Publishing the budget,
- To audit the accounts.
(5) Fiscal Policy
The importance of fiscal policy as a part of revenue has come to be accepted by all modern economists. The importance of the study of fiscal policy began only after the worldwide depression of 1929. Through this, efforts are made to create balance within the economic system through the public sector. Efforts are made to bring public welfare through development in the private and public sectors in the country. Fiscal policy is formulated in such a way that with its help the economic development of the country becomes possible. The country has to be taken out of the semi-developed system towards a developed system. Prosperity can be brought into the country only by developing the country.