Page:Indian Journal of Economics Volume 2.djvu/271

 PRINOIPLE, OF FINANOE Assuming that a body of control we are now easily able to results which may flow from increased its proceeds are used for economic may t8811me, too, would be given other that the body full control of directly economic consulted about, if not meatstires, in charge of, experts is put in summarise the taxation development. when We of experts which public works and is also at least of housing and sanitation, so that its purview extends to the whole of the changes of the material environment. At any rate the advice of ment experts should be sought finance of all uch improvements. of economic development we may expenditure required for all changes of the environment in the following manner:-- (1) That which has a directly pleasing effect, as, for example, expenditure on improved street lighting, fine city streets, new parks and This brings an immediate return the develop- as regards the For the pupeses then classify the material for the taxation in the form of direct enjoyment. (2) Expenditure which is productive of health, and thus of enjoyrector, and of etfmiency in economic production, as, for example, sanitation and garden city housing. The necessary increase of taxation here brings a gradual, but not long delayed, return which is ever accumulating at greater and greater rate as the sanitary measures become more and more complete. () Expenditure which is economically immediately productive, as for example certain new roads and railways. Here there is an immediate economic return. (4) Expenditure which will be economically produc- tive after some years have passed, as certain railways, bridges, docks, irrigation works, and so forth. In this case there is no immediate return, but it may be confidently expected to grow, and to con- buildings. increased public