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Does Fiscal Policy Matter?

In: Macroeconomic Management

Author

Listed:
  • James Tobin

Abstract

Strange proposititions are commonplace in macroeconomic commentary these days; the world has been turned upside down. The federal government is about to increase real defence spending over the next several fiscal years by 9 per cent annually, to cut personal income tax rates by 10 per cent both this year and next, and to phase in drastic reductions in taxation of business investments in equipment and structures. Similar budgets in the past have invariably made the economy more prosperous, creating jobs and lowering unemployment, speeding the growth of production, raising profits. Consider, for example, 1940–41, 1950–52 and 1966–69.

Suggested Citation

  • James Tobin, 1995. "Does Fiscal Policy Matter?," Palgrave Macmillan Books, in: Soumitra Sharma (ed.), Macroeconomic Management, chapter 4, pages 51-68, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24280-1_4
    DOI: 10.1007/978-1-349-24280-1_4
    as

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