Topic
Golden Rule (fiscal policy)
About: Golden Rule (fiscal policy) is a research topic. Over the lifetime, 661 publications have been published within this topic receiving 9789 citations.
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TL;DR: The principle is already embodied in India's Law of Karma as well as in the West's "Golden Rule" as discussed by the authors : "Self-Archive Unto Others as You Would Have Them Self-Archived Unto You".
Abstract: India is peculiarly positioned to help herself while helping the entire planet as well. India needs to adopt a national OA self-archiving mandate for all of its research institutions and funders. The principle is simple, it is already embodied in India’s Law of Karma as well as in the West’s ‘Golden Rule’: ‘Self-Archive Unto Others As You Would Have Them Self-Archive Unto You’. If India sets the example, by officially adopting and implementing this rule, India’s own research access and impact will be maximised, the rest of the world will follow India’s example, and research progress worldwide will be the beneficiary.
11 citations
TL;DR: In this article, the impact of various policy instruments in a two-class Ramsey style model of optimal growth was studied, and the main conckusion is that without the availability of the ideal lump-sum tax, the (modified) golden rule is unlikely to be the optimal policy.
10 citations
TL;DR: In this paper, the stationary sunspot equilibria of a simple one good OLG economy are considered, and it is shown that for any such equilibrium allocation, there always exists a Pareto optimal improvement which has the additional property of reaching the Golden Rule in finite time.
Abstract: The stationary sunspot equilibria of a simple one good OLG economy are considered. These equilibria are known to be suboptimal. We show that, for any such equilibrium allocation, there always exists a Pareto optimal improvement which has the additional property of reaching the Golden Rule in finite time, i.e., the monetary steady state acts as a target. We also show that, in general, periodic allocations cannot be used as targets. The result is interpreted as a welfare theoretical justification for stabilization policy.
10 citations
Book•
01 Jan 2002
TL;DR: The Golden Rule of Confucianism as discussed by the authors The Golden Rule is one of the most important rules in the philosophy of human nature and is the basis of the Universal Golden Rule.
Abstract: Manufacturing ConfucianismThe Philosophy of Human NatureConfucianismThe Golden RuleThe Analects of ConfuciusConfuciusThe Essential AnalectsEleanor RooseveltThe Golden RuleThe Universal Golden RulePhilosophy of ConfuciusLife, Liberty, and the Pursuit of DaoConfuciusThe Golden RuleThe Kindness of StrangersThinking Through ConfuciusConfuciusThe Case for GodThe Ways of ConfucianismOnenessThe Wars of the LordLincolnFreedom and ReasonThe Great TransformationThe Age of Confucian RuleThe Ethics of ConfuciusConfuciusBoston ConfucianismThe Jesuit Reading of ConfuciusThe Wright BrothersLilaReadings from the Ancient Near EastThe Golden RuleAnother Gospel?Ethics and the Golden RuleTwelve Steps to a Compassionate LifeWe Are Not in the WorldUniversalizabilityI Am ConfuciusEastern Wisdom
10 citations
Posted Content•
TL;DR: In this article, the authors investigated the role of scrapping and modifying projects of previous governments in public investment projects and found that the optimal second-best restriction on public debt exceeds the socially optimal level of public debt.
Abstract: The political distortions in public investment projects are investigated within a bipartisan framework. The role of scrapping and modifying projects of previous governments receives special attention. The ruling party overspends on large ideological public investment projects and accumulates too much debt to bind the hands of its successor, especially if the probability of being removed from office is large and the possibility of scrapping is not ruled out. These political distortions have implications for the appropriate format of a fiscal rule. A deficit rule, like the Stability and Growth Pact, mitigates the overspending bias in ideological investment projects and improves social welfare. The optimal second-best restriction on public debt exceeds the socially optimal level of public debt. Social welfare is boosted more by investment restrictions on ideological projects. The government then perceives a larger benefit of debt reduction. In fact, if scrapping is forbidden, optimal investment restrictions can yields the socially optimal outcome. Finally, debt and investment restrictions are not needed if investment projects only have a financial return.
10 citations