Answer to Question #89696 in Finance for john basilio

Question

outline the evolution of public finance from the field of economics

Answer 1

The emergence of the science of public finance, as well as finance in general, should be attributed to the middle of the XIV century. This was a period when scientific research got rid of religious dogmas and man with its needs and methods of satisfaction began to be regarded as the highest social value.

Public finances rebel as a branch of economic science, as the theoretical process of professional reflection, scientific explanation and the search for solutions to financial problems, subordinated to certain economic conditions of development, social priorities, national mentality.

The most striking development of public finances is in the XIX century, especially in its second half. At this time, in most European countries, they moved from absolutism to a constitutional form of government. The legal foundations of public administration, including financial law, began to develop, and there was a need for research in the field of finance.

In the second half of the nineteenth century, we can not but mention the significant contribution to the financial science of German scientists. First of all, it should be mentioned K.-G. Pay He wrote the first textbook on finance, "The Basic Principles of Financial Science," which endured many editions and almost half a century was the main textbook not only in Germany but also in many European countries