Page:Indian Journal of Economics Volume 2.djvu/343

 THE ART OF tCONOMIC DEVELOPMENT (CONTINUED) PSOFSSOS H. STANLEY JEVONS, M.a., B,Sc,, F,S,S, UNIYERSIT ?ROFESSOR OF ECONOMICS V.--PRINCIPLES OF FINANCE (corurv) 6. Distribution of Burdens as between Present and Future--Periods of Public Debts.--One of the most important of the principles of public finance is that which deals with the distribution of burdens as between he presen and he-future. In practice he heory resolves iself into he answers to he questions, firsfly, wha expenditure may legitimately be me ou of public debt, and, secondly, of repayment of the loan. be said on this to explain the hose opinions concur. principles of accepted what should be the period There is nothing new to subject;it will suffice for me briefly ihvolved and to indicate authorities wih which I It is obvious that when the State- undertakes certain expenditure which will provide a continuing benefit