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Public finance in theory and practice

by A. R. Prest

Discussion of the various aspects and meanings of public finance has a long history in the works of economists. If we look at Adam Smith's Wealth Nations we find a whole section (Book V) devoted to 'the revenue of the Sovereign or Commoonwealth'. Similarly, the title of Ricardo's main work was, significantly enough, The Principles of Political Economy and taxation. With such a long history, we are likley to learn a good deal about the subject-matter of public finance if we start by running quickly over the writings of some of the great economists of the past.