Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Some observations on countercyclical fiscal policy and its effects on economic growth / Trygve Haavelmo, Universitetet i Oslo - Oslo - Norge

Collection:: Economics Books

SOME OBSERVATIONS ON COUNTERCYCLICAL FISCAL POLICY AND ITS EFFECTS ON ECONOMIC GROWTH TRYGVE JAAVELMO l'niversitetet à Oslo - Oslo - Norge {NTRODUCTORY REMARKS A leading idea in « Post-Keynesian » economic thinking has been the strong emphasis on fiscal policy as a means of steering an economy towards full and efficient use of its resour- ces. But for this purpose, it is held, the policy must be « radical » and « unorthodox », and not of the old-fashioned, balanced-budget type. The line of reasoning, stated briefly, seems to run approximately as follows: « Orthodox » fiscal nolicy based on a balanced budget and relatively modest eco- nomic activity on the part of the state is responsible for unem- ployment and waste of resources during business depressions. The task of a good fiscal policy should be to keep effective demand high enough — if necessary through very large budget deficits — in order to maintain full employment also when private investment activity is low. Even more far-reaching is the particular ideology that often seems to accompany this kind of reasoning, viz. that a government actually has ful- filled its main obligations as an economic policy-maker if i adheres to a fiscal policy as described. Haavelmo - pag.

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