The Speed of Adjustment

  • Richard Musgrave
Part of the Research Monographs in Japan-U.S. Business & Economics book series (JUSB, volume 5)

Abstract

Four decades have passed since our celebrant, then a young student at Johns Hopkins, attended my class in Public Finance. He was told that the fiscal system must address three concerns—the provision of public goods, equity in distribution and macro stability. The three branches of the budget, as I called them, should each meet their task while respecting the concerns of the others, so as to form a consistent policy (Musgrave, 1959). How much of this is still valid, and what needs to be corrected, whether because of advances in analysis, of shifting values or of changing events?

Keywords

Depression Income Shrinkage Sonal Reformer 

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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Richard Musgrave

There are no affiliations available

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