Tamil Nadu Board of Secondary EducationHSC Commerce Class 12th
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Structure of Public Finance - Public Expenditure

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notes

Public Expenditure :
Public expenditure is that expenditure which is incurred by the public authority [Central, State and Local Bodies] for protection of their 
citizens, for satisfying their collective needs and for promoting their economic and social welfare. 
Till 20th century, the majority of the 
governments had adopted a policy of laissez faire. Under this policy, the functions of government were restricted to the obligatory functions. But, the modern governments not 
only perform the obligatory functions such as defence and civil administration, but also perform optional functions for promoting social and economic development of their countries. 
Therefore, study of public expenditure is an important part of study of public finance. 

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