Understanding the UK Economy by Peter Curwen (eds.)
By Peter Curwen (eds.)
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Extra info for Understanding the UK Economy
The upper chamber (the Senate) is a powerful body in its own right, and may well be controlled by the opposite party to the House. A President, House and Senate (which together constitute the Congress) belonging to the same party is possible, but unlikely. In any event, because election is as much a function of the wealth and prestige of the individual as of the party machine, individual Congressmen and Senators quite frequently vote against their own party line. All this prevents the accumulation of too much power in too few hands, as was precisely the original intention, but it is not exactly designed to deliver priorities, such as cuts in government spending, since every politician, irrespective of party, in an area adversely affected by such cuts will automatically vote against the strategy.
32. The above is a much simplified version of the full multiplier equation expressed in the Treasury and other econometric models. Nevertheless, it is sufficiently accurate to bring out the basic point that the UK fiscal multiplier is actually much smaller than is popularly supposed. 6 Crunchy Numbers In what follows there is a great amount of data, wherever possible the most up-to-date available as at September 1991. Much of this data comes from Value of income Value of expenditure £133 less ~xpenditure taxes ~ less Import content £100 ...
The balance of payments can be left to its own devices by allowing the exchange rate to float freely, thereby ensuring a tendency for it to self-equilibrate. However, certain points flow obviously from the above. First, governments must resist the temptation to create money by spending more than they earn (running a PSBR), so fiscal policy must be viewed from the point of view of its consequences for the money supply rather than as a set of instruments to be managed in their own right. Fiscal policy becomes subordinate to money supply control, thereby reversing the logic of the Keynesian model.