CHAPTER IV

THE SOURCES OF FUNDS FOR EXHAUSTIVE GOVERNMENT EXPENDITURE
§ 1. SINCE the raising and using of money by governments for transfer expenditure involves no net absorption of real funds from their subjects as a body, no question can arise as to the sources from which real funds are drawn. In the present and following chapter, therefore, we have nothing to do with transfer, and are concerned solely with exhaustive expenditure. Our task is to study the sources upon which drafts for this purpose may be made. It is easy to see that these consist of the following principal divisions:
1. (1) The output during the year, which, apart from government levies, the people would have produced of goods and services for their own consumption; or, more strictly, the use of the productive powers which would have yielded these goods and services.
2. (2) The output during the year which they would have produced of new capital instruments; or, more strictly, the use of the productive powers responsible for these.
3. (3) The output during the year which they would have produced of repairs and renewals to maintain existing capital equipment intact; or, more strictly, the use of the productive powers responsible for these.
4. (4) Additional productive effort over and above what they would have resorted to if there had been no government levies.
5. (5) The direct use of existing capital equipment and stocks of capital goods.
6. (6) The indirect use of existing capital. I propose to consider these several items in detail.

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