By James M. Buchanan (auth.), Hirofumi Shibata Ph.D., Toshihiro Ihori Ph.D. (eds.)
This booklet provides fifteen papers chosen from the papers learn on the 53rd Congress of the foreign Institute of Public Finance held at Kyoto, Japan, in August 1997. even supposing equipped less than the final name of Public Finance and Public funding, the Congress coated quite a lot of themes in Public Finance. one of many highlights of the Congress used to be a ancient and fabulous debate among of the best residing gurus within the quarter of public finance, Professors James M. Buchanan and Richard A. Musgrave, at the nature of the welfare kingdom and its destiny. half I of this publication is anxious with this debate and its empirical counterpart. James M. Buchanan (Chapter 1) warns that the welfare nation should be unsustainable except it preserves generality or no less than quasi generality in welfare courses. The advent of overt discrimination in welfare courses via potential trying out and focusing on can purely lower public aid. He argues political model of the "tragedy of commons" will emerge if and whilst identifiable curiosity teams realize the customers of particularized earnings as promised by means of discriminatory tax or move funds. confronted with mounting strain from entitlement-like claims of unique curiosity teams opposed to public sales on one hand and both powerful strain opposed to additional tax burdens at the different, political leaders are interested in options that unmarried out the main weak pursuits. Distributional confrontation between periods will then develop into an important resource of political discourse and an impetus for sophistication conflict.
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Extra resources for The Welfare State, Public Investment, and Growth: Selected Papers from the 53rd Congress of the International Institute of Public Finance
Sample text
The broad allocation among different categories of capital spending; (c) the choice of the specific projects and their locations; and (d) even the size and the design of each project. In these decisions, and especially those in (c) and (d), some high-level individuals will have considerable control or influence. This will happen especially when some of the essential controlling or 3 4 5 The rule simply states that only current expenditure needs to be balanced by ordinary revenue: a country can have a fiscal deficit equal to the net capital spending of the government.
Of observations • t statistics are shown in parentheses. b Corrected for first-order serial correlation. 28 Figure 1. Initial Income and Social Security Spending 25~--------------------~ --0 ~ 0 ""' 20 + + 0 '$. '-' OIl c :ec 8IZl ... >. '1: ++ + + + 15 + + .. ; 5 '0 + + 0 IZl 0 +++\ + 5 + 6 8 7 10 9 LOG (per capita real GDP in 1970) Figure 2. 15 Percentage of Population over 65 years Old (in 1970) 29 program In the world The democracy van able also turned out to be pOSItlve and sIgnIfIcant Thus government In a democratIc SOCIety IS more lIkely to expand the SIze of the welfare state, possIbly to respond to popular demand for socIal outlays and especIally to the polItIcal pressure from powerful Interest groups such as retIrees In the second and thIrd regressIOns, we add addItIOnal vanables such as the share of workIng age populatIOn and the share of labor force In agnculture We find the share of workIng age populatIOn IS slgmficant WIth negatIve sIgns In both equatIOns, whIle the share of labor force In agnculture does not add addItIOnal explanatory power for SOCIal secunty expendItures THE EFFECT OF SOCIAL SECURITY ON ECONOMIC GROWTH OWing to the sheer scale of socIal secunty programs In many countnes, there have been conSIderable academIC and polIcy Interests In the relatIOnshIp between SOCIal secunty and economIC performance In partIcular, concerns have been vOIced that the expansIOn III welfare state In Europe has adversely affected Europe's competitiveness and growth Sachs and Warner (1996) argue that the poor scores for the European Umon states III World Economic Forum's competItIveness rankmgs can be attnbuted to the European SOCIal welfare system AtkInson (1996) provIdes Table 5.
Estimation of the System of Equations: SUR Results Dependent variable Log (GDP) , SSW b LIfe expectancy d FertIlIty rate d Government consumption' AgIng! Democracy R **2 (adjusted) Number of observations Rate of growth In per capita real GDP' -0013 (-2 141) -00019 (-2438) 00008 (1 295) -00122 (-4522) -0 0252 (-0 604) 042 67 SOCIal secunty spendIng (% ofGDP) b 1700 (3191) 119579 (l 920) 07566 (2 550) 045 73 Averaged over 1980-95 Averaged over 1970-79 'Talang the 1980 value for the growth equation and the 1970 value for the SSW equation d Talang the 1980 value e Averaged over 1970-79 !