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Public Finance book has been published strictly according to the syllabus of B.Com. Semester III of Lucknow University, Lucknow. Public Finance, state Richard Musgrave and Peggy Musgrave, âin both theory and practice, do not stand still.â Developments in both theory and fiscal institutions take place and this process is a continuing one. As such, we felt the need to revise our present book. In the first chapter, we have tried to briefly add the contours of new public finance to which a large number of eminent economics have contributed, including the Nobel laureates in economics. As in the earlier edition, due care has been taken in this edition too to discuss and analyze various topics in a way that is intelligible to bachelor students who study public finance. Objective questions with answers have been provided at the end of each chapter