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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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Journal ArticleDOI
TL;DR: In this paper, the implication of a simple class of fiscal rules for long-run economic growth and welfare is examined, motivated by institutional arrangements in countries such as Germany and the UK.
Abstract: In this paper we examine the implication of a simple class of fiscal rules for long-run economic growth and welfare. The Golden Rule of Public Finance that we examine is motivated by institutional arrangements in countries such as Germany and the UK. We find that rules that seek to limit government borrowing to productive investment spending have a clear justification in terms of growth and welfare when government-provided goods are otherwise excessively provided. Even in the case where it is private consumption that is excessive, the Golden Rule of Public Finance is likely to be good from a growth perspective, but the welfare effects are more ambiguous.

8 citations

Journal ArticleDOI
TL;DR: In this article, the authors report that lawyers are most likely to deceive clients in trying to get business (puffing or exaggerating their expertise and experience), keeping business (failing to disclose their mistakes, "falsely" impressing clients, failing to disclose accurately the progress of work, and engaging in strategic deception in casework), and making money from business (billing practices).
Abstract: Her reports from twenty interviewed lawyers4 tell us that lawyers are most likely to deceive clients in trying to get business (puffing or exaggerating their expertise and experience), keeping business (failing to disclose their mistakes, "falsely" impressing clients, failing to disclose accurately the progress of work, and engaging in strategic deception in casework), and making money from business (billing practices). She reviews the justifications that might be offered for such deceptive practices, adopting a philosophical, if not economic, cost and benefit analysis, by analyzing the harms and benefits "caused" by such deception. She engages us briefly in the important professional ethics issue of whether specific regulation or

8 citations

01 Feb 1971
TL;DR: In this article, the authors study the equilibrium growth of economic models and show that if initially the model starts out with capital in excess of private wealth then it will tend to move away from the wealth-capital and toward the golden rule equilibrium.
Abstract: : The paper studies equilibrium growth of economic models. In the first part a rather general open ended multi-sector model is introduced and its possible steady states are characterized. These are shown to belong to one of two types. They are either golden rule equilibria in which wages equal consumption or they are 'wealth-captial' equilibria in which the aggregate stocks of capital and private wealth are equal. In the second part of the paper a simple two sector model is analyzed, and it is shown thatat if initially the model starts out with capital in excess of private wealth then it will tend to move away from the wealth-capital and toward the golden rule equilibrium. The present treatment contrasts with much of recent growth analysis in that it does not assume that wealth and capital are identical. (Author)

8 citations


Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20218
202024
201922
201821
201733
201626