Abstract
Some forty years ago Colin Clark suggested in a famous article that, during the 1930s, when the ratio of taxes to national income exceeded 25 per cent (or when government outlays exceeded 25 per cent if there was a budget deficit) a country tended to suffer from inflation (Clark, 1946).
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
Clark; C. (1945) ‘Public Finance and Changes in the Value of Money’, Economic Journal, vol. 55; pp. 371–89.
Clark, C. (1963) Taxmanship, Hobart Paper (London: Institute of Economic Affairs).
Fels, A. and Tran Van Hoa (1981) ‘Causal Relationships in Australian Wage Inflation and Minimum Award Rates’, Economic Record, vol. 57, pp. 23–34.
Granger, C.W.T. (1969) ‘Investigating Causal Relationships by Econometric Models and Cross Spectral Methods’, Econometrica, vol. 37, pp. 424 –38.
Hausman, J. and H. Pesaran (1983) ‘The J-Test as a Hausman Specification Test’, Economics Letters, vol. 12, pp. 277–81.
Judge, G.C., W.E. Griffiths, R. Carter Hill, H. Lutkephol and T.C. Lee (1985) The Theory and Practice of Econometrics, 2nd edn (New York: John Wiley).
Muller, P. and R.W.R. Price (1984) ‘Structural Budget Deficits and Fiscal Stance’, Economics and Statistics Department, Working Papers No. 15 (Paris: OECD).
Perkins, J.O.N. (1985) The Macroeconomic Mix in the Industrialised World (London: Macmillan, and New York: John Wiley) with Appendix by Tran Van Hoa.
Perkins, J.O.N. and Tran Van Hoa (1987) ‘Towards the Formulation and Testing of a More General Theory of Macroeconomic Policy’, Weltwirtschaftliches Archiv (Review of World Economics), vol. 123, pp. 199–215.
Tran Van Hoa (1981) ‘Causality and Wage Price Inflation in West Germany: 1964 to 1979’, Weltwirtschaftliches Archiv (Review of World Economics), vol. 117, pp. 75 –5.
Tran Van Hoa (forthcoming) ‘Effects of Fiscal and Monetary Policy on Inflation: Evidence from the J-Test’, Economics Letters
Editor information
Editors and Affiliations
Copyright information
© 1988 Colin Clark Trust Fund, Department of Economics, University of Queensland
About this chapter
Cite this chapter
Perkins, J.O.N., Van Hoa, T. (1988). Twenty-five Per Cent Forty Years On. In: Ironmonger, D., Perkins, J.O.N., Van Hoa, T. (eds) National Income and Economic Progress. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19340-0_8
Download citation
DOI: https://doi.org/10.1007/978-1-349-19340-0_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-19342-4
Online ISBN: 978-1-349-19340-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)