PRINCIPLES (OR CANONS )OF PUBLIC EXPENDITURE/B.A./M.A./11TH CLASS/12 CLASS#economics#publicfinance

#macroeconomics#publicfinance#ugcnet#economics

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Four canons of public expenditure:

Canon of Benefit – public spending must be done in a manner that it brings greatest social benefits.
Canon of Economy – it says that economy does not mean miserliness. Public expenditure must be made productively and efficiently.
Canon of Sanction – public spending should not be made without sanction of an appropriate authority.
Canon of Surplus – public revenue should exceed government expenditure, this avoiding a deficit. Government must prepare a budget to create a surplus.
Three other canons are:

Canon of productivity- public expenditure should encourage production efficiency of the economy.
Canon of equitable distribution - expenditure policy should minimize inequalities and it should be designed in a way to benefit poorer sections

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