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Some things matter whether or not they exist. The Loch Ness
monster is one. National trade deficits are another, Trade deficits
obviously matter to many people, because (whatever they are) they
see...
The deficit ofthe federal budget dominates attention of the public
arena. The process began with President Carter’s ill-fated budget
announcement in February 1980. The response of the bond market
r...
DOLLARS AND DEFICITS：SUBSTITUTING FALSE FOR REAL PROBLEMS
DOLLARS DEFICITS budget deficit trade deficit
2008/12/3
Today, people are bewitched, bothered, and bewildered by talk
aboutthe twin deficits. However, concentration on the budget deficit
and the trade deficit diverts attention from more serious problems:...
Popular and political perceptions about the relation ofthe U.S. budget
and trade deficits are based on the observation that both deficits
have been unusually high during the past several years. Our ...
DOLLARS, DEFICITS, AND TRADE
DOLLARS DEFICITS TRADE
2008/12/3
Where an open communication is preserved among nations, it is
impossible but the domestic industry of every one must receive an
increase from the improvements ofthe others,. . . Nature, by giving
a...
BUDGET DEFICITS AND CONSTITUTIONAL CONSTRAINTS
BUDGET DEFICITS CONSTITUTIONAL CONSTRAINTS economic growth
2008/12/3
Budget deficits were regarded as the ultimate propellant of economic
growth when, under the influence of the “Keynesian revolution,”
most economists believed that high employment and stability
coul...
By now there is a substantial literature in economics pioneered by
George Stigler (1971) and refined by Sam Peltzman (1976) and Gary
Becker (1985) that analyzes the role the state plays in redistrib...
THE UNSUSTAINABILITY OF THE U.S. TWIN DEFICITS
THE U.S. TWIN DEFICITS imbalances Global current account
2008/11/5
Global current account imbalances are increasing rather than decreasing.
The U.S. current account deficit was about $665 billion in
2004 and rose to $791 billion (around 6.5 percent of GDP) in 2005,...