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Sample Dissertation Abstracts | English
The effectiveness of fiscal policy is very wide and significant in modern economy. The concept of fiscal policy was introduced by Keynes. He worked out the policy under a recessionary economy and he became famous for his prescription. More then half a century most of the developed countries are following Keynesian fiscal policy. The effectiveness of fiscal policy has been reshaped the framework of macroeconomic analysis and market economies by saturating the basic concept of open economy.
Keynes augmented that the GDP has been measuring with aggregate demand in short run and this is the perception already been in practice. The recession occurs due to demand diminishing very short in relation with the productive capacity of an economy. The solution or remedy can be found by creating encouraged demand with governmental interference.
This is the standpoint of more or less all modern macroeconomic analysis. To discuss about the effectiveness of fiscal policy this paper has first drawn attention on the basic concept of fiscal policy, its elements, dissertation abstracts economics, function, measures and mathematical analysis. Then it goes to discuss the effect and effectiveness of fiscal policy with some empirical evidence of different countries.
The limitations of fiscal policy, its effects in controlling inflation, the significance of IS-LM curve, achievement of full employment with determinant of managing governmental expenditure and tax has been discussed, dissertation abstracts economics. Dissertation abstracts economics paper also enlightens on the fiscal policy of Kuwait an instance.
Though the Keynesian economists are very much optimist about fiscal policy as a universal remedy, the present recession of and the impact of Bailout Bill of USA may raise question on effectiveness of fiscal policy.
Though the most other encomiast of that time believed that the market economy automatically would get better on its own effort devoid of government action. In disparity Keynes protested that an economy could suffer for an indefinite dissertation abstracts economics with very high unemployment when the aggregate demand is not enough.
Keynes argued that monetary policy was ineffective and hopeless to make better the economy and overcome the depression. His strong logic was that the monetary policy depended on dropping interest rates but already the depression turned the interest rates tends to zero. Thus monitory policy has no tools to function on this situation. But enlarged government expenditure would create a chain response to an amplified demand for both workers and suppliers and boost the aggregate demand indirectly.
Keynes pointed out that the correct fiscal policy for the period of highly elevated unemployment should result a budget deficit. Both the UK and US government were not convinced with Keynes fiscal policy and tried to balanced budget until the World War II, dissertation abstracts economics. Dissertation abstracts economics on World War II, the Macroeconomics theoretician and policy dissertation abstracts economics compelled on Keynesian fiscal policy to achieve full employment by the tools of government spending and taxation management.
US Employment Act of was entirely devoted on Keynesian fiscal policy. Fiscal policy is one important macroeconomic policy. In contemporary economics, fiscal policy is quite ahead of monetary policy and other policies as instrument in the hands of the governments to achieve their desired economic and non-economic results. Fiscal policy can be defined as the conscious strategy of a government so as achieve definite pre-determined socio-economic goals with the help of public expenditure, public revenue and the public debt.
It can also be defined as the policy of the state, so as to achieve certain desired economic and non-economic objectives, and avoid undesired effects, with the help of revenue, public expenditure and public debt. In modern economy self-controlled public expenditure has been relaxed with the surplus in general government financial equilibrium.
There is an extensive propensity to decrease taxes in various countries and these movements can be easily run with potential economic growth. However, doubt with the true potency of fiscal positions argues to practice strong revenue growth may integrate a bigger repeated component, dissertation abstracts economics. Thus the tax cutbacks are viewed with the possibility to improving inducement structures in the economy. But in longer run with demographic ageing, public expenditure limits to this tax reduction, dissertation abstracts economics.
Government expenditure has influenced dissertation abstracts economics national income in a greater extend. Government expenditures are dependable on population growth, political stability, economic environment, political philosophy social advancement, cultural viewpoint, natural disasters, dissertation abstracts economics, war and uncertainty.
It is quite difficult to take all these organs of governmental expenditure to measuring the national income. In this condition the revised model of national income should be as follows:. With combination of the above three equation, the equilibrated national income may be modeled as:. Equation 6 indicates equilibrated dissertation abstracts economics income. Above equation indicates that when the governmental expenditure increased, the national income should be augmented.
Simultaneously if the government expenditure reduces, the national income should decrease. The relation between governmental expenditure and national income has been demonstrated as bellow:.
As per figure 2 a governmental expenditure should be determined in the level Y 1. Consequently national income should be determined in new point F; national income should be increased from Y 1 to Y 2 level. When the government expenditure decreases, the nation income should be reduced. In Figure 2 bthe equilibrated national income has been demonstrated in point E without incorporating government expenditure, dissertation abstracts economics.
The changed national income including government expenditure has been demonstrated in point F. Here national income has increased from level Y 1 to level Y 2, dissertation abstracts economics.
Taxes seriously dissertation abstracts economics the national income. It can restructure the national income by influencing consumption and savings. Taxes depend on different elements. It is quite difficult to determine national income by incorporating all the elements. For the convenience of discussion, here it is assumed that pubic are taxed to meet up government expenditure. Taxes are considered with two criteria such as i external element, where it is independent on the income level and ii influenced element, dissertation abstracts economics, where taxes increase with the boost of income.
The above equation No— 7, indicate equilibrated national income. Dissertation abstracts economics the taxation is considered as an influenced element, the national income model would be as follows:.
Replacing equation 8 with equation 91011and 12 ; the equilibrated national income model would be:. Above equation- 14 indicates equilibrated national income under influenced taxation. Figures bellow demonstrates how taxation manipulates national income. So the new equilibrium point would be H. Consequently the nation dissertation abstracts economics decrease from Y 3 to Y 2. This situation has been demonstrated in point F. It should impact the national income decrease from point Y 3 to Y 2, dissertation abstracts economics.
In Figure — 3 bwithout taxation and government expenditure the national income is Y 1Including government expenditure the national income increase in Y 3 level. Simultaneously increase of taxation may cause a decrease on national income in Y2 level. Here the resultants of taxation carry out bad impact rather then any positive result.
Dissertation abstracts economics net consideration it can decrease national income in Y 1 Y 2 level. From the above discussion it is very clear that net changes of national income depends on the interaction of government expenditure and taxation. Economic Growth: Economic Growth is nothing but the enhance in the economic activities or economic variables over a period of time. In simple means, dissertation abstracts economics, by reducing, a direct taxes, a state can induce the investors or entrepreneurs to increase the rate of investment, which will automatically increase production, employment and income generation etc, dissertation abstracts economics.
Indirect taxes, which will motivate the buyers consumers to demand more goods which will automatically increase the economic activities. On the other hand bringing about an increase in dissertation abstracts economics expenditure on infra structure etc. The economic growth concept is more of in the developed countries.
They are concerned with the rate of economic growth. A number of studies were carried out, Harrod and Domar, initiated a new growth rate model independently. The simple Schumpeterian phases of business cycles diagram is taken into account.
The four phases are recovery, prosperity, recession and depression. According to Harrod economic growth must increase with a gradual or steady rate. Economic Growth must increase without the sudder up — swings prosperity and down swing depression. President Hoover failed to stabilize the economy though many different measures were taken.
In Macroeconomic theory there is no single that particularly used to measuring the fiscal balance, dissertation abstracts economics. In practice depending on the analytical criteria, aim and objectives different alternatives are adopted to calculate the fiscal balance, dissertation abstracts economics.
The most common indicator of fiscal performances is the surplus or deficit of the national budget as a ratio or percentage of GDP. This is the idea of fiscal dissertation abstracts economics that is most widely practiced in both developed and developing countries. The structural elements of the fiscal policy such as governmental expenditure taxation and debts are actuated with quantitative indicators.
The most difficult determinants are obviously bypassed with considerable analysis. Qualitative approach for carrying out the fiscal policy, predictable move toward in attendance the deficit of budget could be formulated with following equation:.
The nature of fiscal disparity, scope of government sectors, standing of the situation and the accounting method are the base of measuring fiscal balance. The most widespread measure of fiscal balance is concerned with government borrowing, dissertation abstracts economics. It indicates the demand of financial assets by the government sector. This complete perception of fiscal balance could be functional for all point of governmental borrowing.
The calculations of modern fiscal balance represent the difference among the present government revenues and present government expenditures. The balances of the two point toward the governmental saving. The capital spending for purchase of assets lived more than one year is accommodated as capital transfer. Each and every other current expenditure would be incorporated. The outcomes of the present discretionary budget policy are measured by the non-interest fiscal deficit.
Here the payments of interest are excluded. The total payments based on interest should be subtracted from the full amount of expenditures that results the primary fiscal deficit. This fiscal deficit would demonstrate how the existing fiscal actions of the government impact on the disposable public debt.
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