By Maurice FitzGerald Scott
Conventional fiscal theories clarify the extent and development of output by way of 3 major variables: employment, the capital inventory, and technical development. This ebook provides an incredible new concept of monetary progress and is the reason alterations in output over a given interval and makes use of basically employment progress and expense of funding because the major explanatory variables. the writer additionally demonstrates how this thought can be utilized to give an explanation for why progress premiums range among diverse international locations and classes, and why stocks of wages and gains vary.
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Additional info for A New View of Economic Growth (Clarendon Paperbacks)
This chapter concludes that the large swings from inﬂation to deﬂation that occurred after 1973 explain most of the slow-down in productivity growth. An analysis of the mechanism that brought this about is given. 2. There is a brief summary of events. Productivity growth slowed down in many countries in 1973, although in some the trouble started in the late 1960s. This coincidence suggests that common factors, linked to the upsurge in inﬂation and growing unemployment, were at work. 3. In turn, the upsurge in inﬂation is attributable mainly to cost-push by wage-earners following the prosperity and full employment of the postwar years, together with the tax squeeze owing to rising government expenditure.
6. The most useful capital stock for the explanation of economic growth is cumulative gross investment. This prompts the question, How far must we go back? The answer is similar to that given by any historian. The starting point is arbitrary, and has to be left unexplained. All one can hope to explain is subsequent change, and so all one needs to measure is subsequent cumulative investment. 7. This measure of the capital stock cannot be used in the usual production function, but neither can either of the two measures generally used (see Chapter 3).
The effects of taxation on growth depend on how the revenue is spent. Raising taxes can increase the rate of growth if the revenue is well spent, or reduce it if not. In what follows, the effects on growth via government expenditure are neglected. 2. Taxes may be subdivided into three kinds: on wages, on capitalists' take-out, and on savings. Many actual taxes are a mixture of these. 3. Increasing the tax on wages can generally be expected to reduce investment in human capital, and so reduce gL and g.
A New View of Economic Growth (Clarendon Paperbacks) by Maurice FitzGerald Scott