Abstract
Public finance, as a part of theoretical economy, does not supply the government with absolute standards of policy. Standards of policy have a hypothetical content, i. e. they are only efficient if one starts from given data to obtain given ends. As the data and the objectives differ, so the standards will have to be altered. This means that the measures and instruments, which are efficient in a more developed economy under certain circumstances, ipso facto, are not efficient in a less developed economic structure. The differences for economic policy can be found at the data-side as well as at the objective-side of the theoretical model. An advanced country has a developed social framework and the main concern of public finance is stability. On the other hand, the social framework of a backward country is less developed and, moreover, the main objective for public finance here is rapid growth.
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References
M. Masoin, ‘Fonds de Régularisation des budgets et fonds d’Egalisation des changes’ in Finances publiques, stahiUté financière Interieure et balances des paiements (Institut international de finances publiques) 1955, p. 232 ff.
H. C. Wallich, Monetary problems of an export economy, 1950 p. 308.
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© 1957 Springer Science + Business Media B.V.
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van Philips, P.A.M. (1957). The Budget and Balanced Growth. In: Public Finance and Less Developed Economy. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-0828-5_9
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DOI: https://doi.org/10.1007/978-94-015-0828-5_9
Publisher Name: Springer, Dordrecht
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