Fiscal Policy for Stable Growth: A Study in Dynamic Macroeconomics

Fiscal Policy for Stable Growth: A Study in Dynamic Macroeconomics

Fiscal Policy for Stable Growth: A Study in Dynamic Macroeconomics

Fiscal Policy for Stable Growth: A Study in Dynamic Macroeconomics

Excerpt

This book lays out a set of tools and illustrates their use in analyzing the action of fiscal policies in the process of economic growth. Its purpose is to delineate with elementary methods and in broad perspective the interrelations between government fiscal actions and the course of economic growth. Since the kit of tools employed in the analysis does not take account of many institutional and behavioral characteristics present in the actual economy and relevant for the formulation of fiscal policy, the derivation of policy conclusions from this analysis alone may appear to be a naïve and unwarranted treatment of fiscal policy problems. I believe my procedure is defensible if it is viewed as a first step in a solution of these problems. The interactions of fiscal policies and the growth process are somewhat complicated, and bold simplifications are useful, if not indispensable, in viewing the panorama of growth.

One particular set of hypotheses forms the framework employed throughout the analysis. This structure is somewhat different from those conventionally used in treating short run and growth problems with aggregative techniques. This new framework seems to explain and to illuminate more of the phenomena associated with investment behavior in private enterprise society than the conventional alternatives. In any event, comparisons and contrasts with alternative explanations have not been attempted, though there are some references to the work of others. This is perhaps an unavoidable result of attempting a broad and systematic review of economic effects in a framework which contains novel elements. Moreover, some antecedent research, tangentially relevant to the analysis of this book, was not available to me before the completion of this study, and it is not referred to in the main text.

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