Definition of fiscal policy:
Economists have stated public finance differently. The below are some of the admired definitions:
According to Dalton, “Public finance is concerned with the income and expenses of public authorities and with the adjustment of one with the other”.
Findlay Shirras states that, “Public finance is the study of the Principles underlying the raising and spending of funds by public authorities”.
To quote Lutz, “Public finance deals with the custody, provision, and disbursement of resources required for the conduct of public or government functions”.
We might conclude from the above statements that Public Finance or Fiscal Economics is concerned with the principles and practices of acquiring funds and spending similar for attaining the maximum social wellbeing and economic growth.
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