Suchergebnisse

After briefly summarizing some neoclassical criticisms of the public sector & public expenditure, assumptions that so-called free market economies have performed better than planned economies, & that public expenditure, particularly for social welfare, has been responsible for recent inflation & recession in industrial economies, are challenged. Data from the World Bank & UN are used to compare 10 socialist economies & 10-market-oriented developing economies on the basis of their national income growth, inflation, unemployment, & public expenditure in gross domestic product (GDP) for the period 1960-1979. Results indicate that while some East Asian countries have indeed had impressive growth records (a fact used to support neoclassical arguments), those of some centrally planned economies are no worse, & in some cases better; also, there are some free market economies that have failed miserably (eg, Chile). In addition, increased public expenditure in GDP is revealed to be an effect rather than a cause of inflation & recession. 3 Tables, 20 References. K. Hyatt