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- W3122551701 abstract "Publisher Summary This chapter describes a few economic scenarios for the 1980s. The analysis proceeds through the medium of two econometric models, one for the United States and one for the world as a whole. The US economy is fundamentally beset by fiscal drag. It is found that when the economy is operating in the neighborhood of full employment, present tax and revenue statutes are capable of generating very large receipts, generally large enough to cover all reasonable expenditures, extrapolated along historical growth paths. There will be some fresh tax cuts, and these are, indeed, factored into the baseline projection but that is not enough to prevent overall expansion, by large sums, of revenues for the account of central government. Major disturbances that bring forth new outlays and hold back the expansion of the personal income base cause internal accounts to fall into deficit positions much more frequently than is expected when a decade projection is made. It is not only the free working of the market economy that brings about increasing energy efficiency but also legislative mandates on the fuel efficiency of the automobile fleet." @default.
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- W3122551701 date "1980-01-01" @default.
- W3122551701 modified "2023-09-28" @default.
- W3122551701 title "Some Economic Scenarios for the 1980's" @default.
- W3122551701 hasPublicationYear "1980" @default.
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