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The big picture: macro economics of outlays and outcomes
The Fiscal Responsibility Act has been bypassed in the budget with a failure to achieve the fiscal deficit target and by a reduction in the share of capital expenditures. Special purpose vehicles and public-private ...
A leap in the dark: the fiscal-monetary nexus
The orientation of fiscal policy should be on fiscal correction and long-term issues. Aggregate demand management is then the exclusive domain of monetary policy which by initiating a softer interest rate regime can ...
Hitching employment to a growth strategy: services bulge and productivity growth
An employment-oriented growth strategy requires a strategy of public investment in agriculture and promoting new technology, including the inputs embodied in those technologies. The bulge of employment in services is ...