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Getting definitions right for fiscal economics

There are three definitions for the purpose of fiscal statutes: a statutory definition, the definition in market parlance and a scientific definition

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Sukumar Mukhopadhyay New Delhi
The reason why I have chosen this subject is that I have been noticing that many senior economists and analysts have criticised some statutes or notifications on the ground that they do not contain any definition of certain concepts. Recently, a senior retired economist of the Government of India made a point in his essay that the anti-corruption law was vague since there was no definition of public interest in the statue. Not so long back, another economist wrote that in the Terms of Reference of the Fifteenth Finance Commission, there is no definition for the expression populist expenditure used
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