Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi

By Mario I. Blejer; Teresa Ter-Minassian | Go to book overview

NOTES
1
The views expressed in this chapter are my own and they should not be attributed to the International Monetary Fund. I would like to thank, without implicating, William Alexander, Mario Blejer, Carlo Cottarelli, Patrick de Fontenay, Charles Enoch, Teresa Ter-Minassian and Vito Tanzi for their insightful comments.
2
The classic exposition of the reasoning behind this consensus goes back to Adam Smith’s An Inquiry into the Causes of the Wealth of Nations, (Chicago: University of Chicago Press, 1976), first published in 1776; see, in particular, Book V: Of the Revenue of the Sovereign or Commonwealth. The John Stuart Mill quotation at the outset of this chapter will be found on p. 795 of his Principles of Political Economy, Reprints of Economic Classics, (New York: Augustus M. Kelley, 1965).
3
See George J. Stigler, ‘The Theory of Economic Regulation’, Bell Journal of Economic and Management Science, Vol. 2 (Spring, 1971); and George J. Stigler (ed. ) Chicago Studies in Political Economy, (Chicago: University of Chicago Press, 1988), which contains an important set of conceptual and empirical articles on issues of regulation. See also Roger G. Noll, ‘Economic Perspectives on the Politics of Regulation’, in Richard Schmalensee and Robert D. Willig (eds) Handbook of Industrial Organization, Volume II, (Amsterdam: North Holland, 1989); and Clifford Winston, ‘Economic Deregulation: Days of Reckoning for Microeconomists’, Journal of Economic Literature, Vol. XXXI, No. 3 (September, 1993).
4
See, for a lucid discussion of the issue in the context of development, Anne O. Krueger, ‘Government Failures in Development’, Journal of Economic Perspectives, Vol. 4, No. 3 (Summer, 1990).
5
For an excellent analysis of the factors behind this trend, see Sam Peltzman, ‘The Growth of Government’, in George J. Stigler (ed. ) Chicago Studies in Political Economy, (Chicago: University of Chicago Press, 1988); see also Allan H. Meltzer and Scott F. Richard, ‘A Rational Theory of the Size of Government’, in Torsten Persson and Guido Tabellini (eds) Monetary and Fiscal Policy—Volume 2: Politics, (Cambridge, Mass.: MIT Press, 1994).
6
See for elaboration Manuel Guitián, ‘Three Views on Restoring Growth’, in Michael Bruno, Guido di Telia, Rudiger Dornbusch and Stanley Fischer (eds) Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia and Mexico, (Cambridge, Mass.: MIT Press, 1988).
7
See, for example, James M. Buchanan and Robert D. Tollison (eds) The Theory of Public Choice—II, (Ann Arbor, Mich.: University of Michigan Press, 1984); and for a critical examination, see Peter Self, Government by the Market?: The Politics of Public Choice, (San Francisco: Westview Press, 1993).
8
For a good compendium of articles on this subject, see Preston J. Miller (ed. ) The Rational Expectations Revolution: Readings from the Front Line, (Cambridge, Mass.: MIT Press, 1994). In the specific area of monetary policy, similar principles can be found in Milton Friedman, ‘The Role of Monetary Policy’, American Economic Review, Vol. 58, No. 1 (March, 1968) and his The Counter-Revolution in Monetary Theory, Occasional Paper No. 33, (London: Institute of Economic Affairs, 1970) as well as in Harry G. Johnson, Inflation and the Monetarist Controversy, Professor Dr F.de Vries Lectures, (Amsterdam: North Holland Publishing Company, 1972).
9
A good collection of articles on this subject will be found in Torsten Persson and Guido Tabellini (eds) Monetary and Fiscal Policy—Volume 1: Credibility, (Cambridge, Mass.: MIT Press, 1994).
10
See, for an excellent discussion of this subject, Roger G. Noll, ‘Economic

-37-

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