DEFINITION OF PUBLIC FINANCE: A CRITICAL ANALYSIS OF CURRENT SCIENTIFIC APPROACHES

Abstract

The article is devoted to a critical analysis of contemporary scientific approaches to defining the essence of public finance. The main conceptual interpretations of this phenomenon are systematized, including institutional, functional, behavioral, and strategic approaches, among others. The study emphasizes the distinction between the concepts of “public finance” and “state finance,” which are often incorrectly treated as identical. The limitations of existing approaches are identified, and directions for further theoretical research aimed at clarifying the content of the category of public finance are proposed. Purpose. The purpose of the study is to conduct a critical review of key scientific publications and to identify the main approaches to interpreting the essence of public finance. Materials and methods. The study is based on an analysis of recent scholarly works in modern financial science, using methods of analysis, synthesis, deduction, induction, logical reasoning, and theoretical generalization. Results. The study identifies the strengths and limitations of contemporary scientific concepts related to public finance. Key theoretical approaches to understanding its essence are systematized and classified into classical (traditional) and modern (innovative). Prospects. The critical review outlines перспективні напрями подальших досліджень, including the study of the transformation of public finance under crisis conditions and military conflicts; evaluation of existing methodological approaches; and the integration of new approaches (behavioral, strategic, etc.) into classical frameworks (institutional, functional, and others). The study also emphasizes the need for an interdisciplinary approach to the analysis of public finance, particularly through the integration of tools from economic theory, political science, and sociology. It highlights the role of institutional trust and transparency in shaping an effective public finance system, which becomes especially relevant under conditions of global instability. The study also emphasizes the need for an interdisciplinary approach to the analysis of public finance, particularly through the integration of tools from economic theory, political science, and sociology. It highlights the role of institutional trust and transparency in shaping an effective public finance system, which becomes especially relevant under conditions of global instability and uncertainty.