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The way public receipts are represented in the federal budget has become an important policy issue. However, all of the proposed alternatives focus only on the federal sector; none presents a national budget in the context of the national economy. This report offers new, alternative ways of viewing federal, state, and local government receipts; focuses attention on the major categories of public receipts that will shape the policy agenda into the next century; and illustrates beneficial forms of presentation for public receipts. In this analysis, data on public receipts are classified according to (1) the jurisdiction that receives them; (2) the economic type of the receipt; and (3) the fund that receives the receipt. These complementary schemes are used to discuss trends in public receipts relative to growth in the U.S. economy over the past 42 years, focusing on the largest and most dynamic components of these receipts. The authors conclude that the current federal budgetary presentation does not address the ongoing need for forms of presentation that enhance understanding of public receipts and facilitate decisions that shape them. It is necessary to revisit the basis of budget presentation, with attention to the fundamentals of budgetary communication and taxonomy.
Internal revenue --- Revenue --- Local revenue --- Tax expenditures
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The central economic debate for the first half of 1993, couched in terms of short-run economic stimulus versus long-run deficit reduction was misleading for U.S. long-run strategy. Our long-run depends on growth, but economic growth does not have the close relationship to deficit reduction that is frequently asserted, and deficit reduction should not become the central objective of economic strategy that it is becoming. It has been asserted that: (1) U.S. productivity is decreasing, but the record of the 1980s does not bear this out; (2) productivity increases depend on increased investment in business plant and equipment, but technological change and associated factors like education are important; and (3) investment in U.S. plant and equipment has been decreasing because of decreased American savings caused by increased deficits, but investment has not been decreasing, although more of it has been financed from abroad. In any case, increased consumption is frequently a better way of increasing investment than is increased saving. The drive to cut the deficit may thus exert a long-run downward pressure on growth and employment. Further, it may also cut back public expenditures for infrastructure and other needs, which may be as important for growth as private investment. None of this means that the deficit should be ignored. It does mean that it should be put into proper proportion relative to the total of the factors needed to encourage economic growth.
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The way public expenditures are presented in the federal budget has become an important policy issue as recent budget submissions illustrate. However, all of the proposed alternatives focus on the federal sector, and none presents the national budget in the context of the national economy. This analysis offers new, alternative ways of viewing federal, state, and local government expenditures. In doing so, it focuses attention on the major categories of expenditures that will shape the agenda for policy into the next century and illustrates forms of presentation for public expenditures that would benefit citizens and government decisionmakers alike.
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Evidence points toward the Council of Wage and Price Stability (COWPS) price guidelines as the constraint causing U.S. petroleum refinery shortages during 1979-1980. This report develops the theory of a profit-maximizing firm's behavior when complying with a COWPS-like restraint. Results include: (1) When the production technology displays a certain type of fixed proportions (as appears relevant for refineries), shortages can--but need not--emerge. (2) Product output decreases in response to the COWPS control, causing market prices to rise. (3) Product supply diminishes as market demand increases. (4) Use of some factors, e.g., crude oil, increases as factor prices increase, which, because of fixed proportions, implies expanded product output. (5) Product mix likely shifts towards lower-grade products. (6) Dispersion of product prices across firms increases. (7) Relative product prices for a multiproduct firm become indeterminant. Casual empirical evidence supports the relevance of this theory.
Petroleum industry and trade --- Petroleum products --- Government policy --- Prices
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War games. --- Escalation (Military science) --- Mathematical models.
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