Abstract
Fiscal policy is arguably the most explicit embodiment of the institutionalist conviction that there is a constructive role for governmental intervention in the quest for stable satisfactory growth rates in the modern market oriented economy. As such it is, therefore, at the same time an equally explicit rejection of the conventional mainstream belief that the best course is almost invariably to leave the economy to the not invariably tender mercies of the market.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Beveridge, William H., 1945. Full Employment in a Free Society. New York: W.W. Norton and Company, Inc.
Buchanan, James M., 1985. Liberty, Market, and State: Political Economy in the 1980s. New York: New York University Press.
Cohen, Dare11 and Glenn Follette, 2000. “The Automatic Fiscal Stabilizers: Quietly Doing Their Thing.” In Economic Policy Review, FRBNY.
Economic Report of the President, 2001. US Government Printing Office.
Friedman, Milton, 1968. The Role of Monetary Policy. American Economic Review 58:1–17.
Hansen, Alvin H., 1964. Business Cycles and National Income. New York: W.W. Norton & Company, Inc.
Keynes, John Maynard, 1936. The General Theory of Employment, Interest, and Money. New York: Harcourt Brace and Company.
Klein, P.A., 1984. Institutionalist Reflections on the Role of the Public Sector. Journal of Economic Issues 18(1):45–68. Reprinted in Beyond Dissent, Essays in Institutional Economics, Philip A. Klein, (ed.), Armonk, New York: M.E. Sharpe, 1994.
Klein, Philip A., 1994. “What’s Natural About Unemployment?” In Beyond Dissent,Essays in Institutional Economics, Philip A. Klein, ed., Armonk, New York: M.E. Sharpe. Reprinted in Analyzing Modern Business Cycles, Philip A. Klein, ed., Armonk, NY: M.E. Sharpe, 1990.
Lewis, Jr., Wilfred, 1962. Federal Fiscal Policy in the Postwar Recessions. Washington, DC: The Brookings Institution.
Lucas, Robert E., 1981. Studies in Business Cycle Theory. Cambridge: MIT Press, Paperback Edition, 1983.
Lucas, Robert E., 1981. A Review: Paul McCracken et al, “Towards Full Employment and Price Stability,” A Report to the OECD by a group of Independent Experts. In Robert E. Lucas, ed., Studies in Business Cycle Theory. Cambridge: MIT Press, 1963:262–270.
Lucas, Robert E., 1981. “Rules, Discretion, and the Role of the Economic Advisor.” In Robert E. Lucas, (ed.), Studies in Business Cycle Theory, Cambridge, MIT Press: Paperback Edition, 1963.
Nourse, Edwin G., 1953. Economics in the Public Service. New York: Harcourt Brace and Company.
Peterson, Wallace C., 1984. Economic Stabilization and Inflation. Journal of Economic Issues 18:69–100.
Peterson, Wallace C., (1994). Silent Depression, New York: W.W. Norton & Company.
Phelps, Edmund S., 1970. “The New Microeconomics in Employment and Inflation Theory.”In Microeconomic Foundations of Employment and Inflation Theory, Edmund S. Phelps et al., eds., New York: Norton.
Phillips, A.W., 1958. The Relation Between Unemployment and the Rate of Change of Money Wages in the United Kingdom, 1861–1957, Econometrica,new series, Nov. 1958; 25:28399.
Samuelson, Paul A. and William Nordhaus, 1995. Economics, 16 th Edition. New York: McGraw-Hill, Inc.
Samuelson, Paul and William D. Nordhaus, 1992. Economics, 14 th Edition. New York: McGraw Hill Book Company.
Samuelson, Paul, 1970. Economics, 8 th Edition. New York: McGraw-Hill Book Company.
US Employment Act of 1946, Public Law 304, 79th Congress. United State Government Printing Office.
Veblen, Thorstein, [1899] 1994. The Theory of the Leisure Class, New York: Penguin Books.
Ward, Terry, 1987. “Fiscal Policy.” In The New Palgrave Dictionary of Economics 2, John Eatwell, Murray Milgate, and Peter Newman, eds. London: The Macmillan Press, Ltd.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2003 Springer Science+Business Media New York
About this chapter
Cite this chapter
Klein, P.A. (2003). An Institutionalist View of Fiscal Policy. In: Tool, M.R., Bush, P.D. (eds) Institutional Analysis and Economic Policy. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-0261-6_2
Download citation
DOI: https://doi.org/10.1007/978-1-4615-0261-6_2
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-4992-1
Online ISBN: 978-1-4615-0261-6
eBook Packages: Springer Book Archive