Growing Public, Further Evidence: Social Spending and by Peter H. Lindert

By Peter H. Lindert

Taxes and transfers were debated for hundreds of years, yet only in the near past can we see the complete photo of the evolution of social spending. This booklet examines the query of even if social regulations that redistribute source of revenue impose constraints on financial development. Peter Lindert argues that, opposite to the instinct of many economists and the ideology of many politicians, social spending has contributed to, instead of inhibited, monetary development. additionally Available...Growing Public, quantity 1: the tale

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Extra info for Growing Public, Further Evidence: Social Spending and Economic Growth since the Eighteenth Century

Sample text

Therefore within the “convergence club” of today’s OECD countries, we should expect the extent of a country’s lag behind the United States to be a positive influence on its current growth. A country’s growth is also influenced by current shocks to aggregate demand and aggregate supply at the level of the world economy. A global aggregate demand shock will be proxied crudely here by the difference between all-country inflation and all-country unemployment. An aggregate supply shock, such as an oil shock, will be proxied by the sum of the all-country rates of inflation and unemployment.

X = An independent variable used in all variations of this equation (or set of equations). s = An independent variable used in some variations of this equation (or set of equations). Social forces Religions Ethnic divisions Income-group affinity Openness to trade Military spending Agriculture, lagged Capital inputs Nonhuman K (or past Is) Educ. attainments of adults Global macro-economy Demand shocks (infl. − U) Supply shocks (infl. + U) Corporatist wage-setting Fixed-country effects Fixed-time effects Lagged dependent variable s s s X X s X X s s s X X s X X X X X X s s s X X X X 26 Growing Public (a) Social transfers are big.

1. 1: Dep = Dependent variable, to be explained. endog = Endogenous variable, whose predicted value from another equation is used here. X = An independent variable used in all variations of this equation (or set of equations). s = An independent variable used in some variations of this equation (or set of equations). Social forces Religions Ethnic divisions Income-group affinity Openness to trade Military spending Agriculture, lagged Capital inputs Nonhuman K (or past Is) Educ. attainments of adults Global macro-economy Demand shocks (infl.

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