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The holy grail of macroeconomics is full employment along with price stability, which implies highly efficient use of resources while controlling price level. In the first place, Modern Monetary Theory (MMT) rejects the monetarist explanation virtually in toto, arguing that it is based on an incorrect view of actual operations of the Treasury, central bank, and commercial banking, and how they ...
Fiscal space is the flexibility of a government in its spending choices, and, more generally, to the financial well-being of a government. [1] Peter Heller (2005) defined it “as room in a government’s budget that allows it to provide resources for a desired purpose without jeopardizing the sustainability of its financial position or the stability of the economy.” [2]
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue ) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity .
The budget went from a $236 billion surplus in fiscal year 2000 to a $413 billion deficit in fiscal year 2004. In fiscal year 2005, the deficit began to shrink due to a sharp increase in tax revenue. By 2007, the deficit was reduced to $161 billion; less than half of what it was in 2004 and the budget appeared well on its way to balance once again.
In the world of accounting, finance and taxes, there's more than one type of year. In addition to regular years, there are a number of different fiscal years. A fiscal year is the 12-month period ...
The resulting philosophical debates, which involved the confluence of elements of Aristotelian Ethics with Stoic psychology, led in the 1st–3rd centuries CE in the works of Alexander of Aphrodisias to the first recorded Western debate over determinism and freedom, [50] an issue that is known in theology as the paradox of free will.
Free will here is predominantly treated with respect to physical determinism in the strict sense of nomological determinism, although other forms of determinism are also relevant to free will. [30] For example, logical and theological determinism challenge metaphysical libertarianism with ideas of destiny and fate , and biological , cultural ...
In public choice theory, fiscal illusion is a failure to accurately perceive the amount of government expenditure.The theory of fiscal illusion was first developed by the Italian economist Amilcare Puviani in his 1903 book Teoria della illusione finanziaria (Theory of Financial Illusion (not yet translated into English, but translated into German in 1960 under the title Die Illusionen in der ...