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Fiscal Policy — Public Expenditure and Taxation

In: Economic Priorities for a Labour Government

Author

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  • Roy Hattersley

Abstract

The days of the Keynesian ‘dash for growth’ (based on a sudden pre-Election spurt in consumption spending only to be followed by a post-Election balance of payments crisis) are over- at least for the Labour Party. We must all learn from the experience of the French Socialist Government, where an overambitious expansion had to be reversed. The next Labour Government is not going to begin with the bang of overambitious expansion and end with the whimper of deflation and contraction. We are inclined to say now, that ‘stop-go’ is better than continuous stop. But this ‘stop-go’ cycle played havoc with both industry and the local authorities. It made it difficult for them to set longer-term investment plans with any degree of certainty. The result was that the ‘stop-go’ cycle only served to disguise, yet reinforce industry’s long-term relative decline.

Suggested Citation

  • Roy Hattersley, 1987. "Fiscal Policy — Public Expenditure and Taxation," Palgrave Macmillan Books, in: Doug Jones (ed.), Economic Priorities for a Labour Government, chapter 4, pages 47-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18608-2_4
    DOI: 10.1007/978-1-349-18608-2_4
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