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Discussion of Financing State and Local Government Services in a Cyclical Economy*

Published online by Cambridge University Press:  28 April 2015

Kurt R. Anschel
Kurt R. Anschel*
Affiliation:
University of Kentucky
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Extract

Drs. White and Musser bring an important new insight: given recent and prospective variations in inflation and income growth, stability must become an important criterion for assessing alternative local and state government fiscal systems. The 1960s was an expansionary period for U.S. and world economies. Equity, growth and efficiency appeared to be appropriate and sufficient criteria for evaluating local and state tax and expenditure systems. The economic turmoil of the 70s, however, makes it obvious we were a bit over-optimistic. Stability must be added to our list.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 8 , Issue 1 , July 1976 , pp. 11 - 12
Copyright
Copyright © Southern Agricultural Economics Association 1976

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Footnotes

*

I wish to thank A. F. Bordeaux, Tom Haas, Alan Randall, Eldon Smith and the SJAE's anonymous reviewers for their most helpful criticisms and suggestions.

References

[1] Baumol, W. J. “Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis,” American Economics Review, 57:415–426, 1967.Google Scholar