How bad is the federal budget deficit?

This paper describes two views on the economic effects of government budget deficits. According to the traditional view, deficits have a variety of adverse economic consequences. In particular, they cause domestic residents to save less and eventually to have a lower standard of living than would have occurred if the same level of government spending had been financed entirely with current taxes. A competing view, known as the Ricardian view, holds that the economy is little affected by whether a given level of government spending is financed entirely by current taxes or by some feasible combination of taxes and borrowing. Most of the empirical research on the economic consequences of deficits has failed to isolate the effects predicted by the traditional view. The paper also discusses why the conventional methods of measuring the government budget deficit are not the most economically meaningful ones.     

Reviews

Arabic Edition of the British Council Map of Europe and the Middle East. Scale 1: 11,000,000. Royal Geographical Society

Iraq Irrigation Handbook: Part I. Euphrates. Compiled by Ahmed Sousa, under the direction of J. D. Atkinson. Published at Baghdad by the Government of Iraq, 1944. 10” × 7”. Pp. in, with 35 tables, 18 figures and 1 plate, also, in a portfolio 15” × 14”, 16 other plates. Price not stated.

Jenghis Khan. By W. Yan. Hutchinson International Authors, Ltd. 9s. 6d.

From Tunisia to Normandy. By Major‐General H. Rowan‐Robinson, C.B., C.M.G., D.S.O. Hutchinsoh.

Defence is Our Business. By Brigadier J. G. Smyth, V.C., M.C. Hutchinson and Co. 10s. 6d.

Anna and the King of Siam. By Margaret Landon. Illustrated by Margaret Ayer. John Day Co., New York. Pp. 391.

The Modern Prison System of India. By Lieut.‐Colonel F. A. Barker, C.I.E., O.B.E., M.A., M.D., B.C., I.M.S. (Retd.).

Fabian Colonial Essays. With an Introduction by A. Creech Jones, M.P., and edited by Dr. Rita Hinden. Geo. Allen and Unwin. Pp. 261. 8s. 6d. 1945.

Modern Exploration. F. Kingdon Ward. 124 pp. Published by Jonathan Cape at 6s.     

First Priorities in Military Professionalism

This article contends that it is time for the armed forces to revisit their schools, day rooms, wardrooms, squadron meeting places, headquarters, bases and posts to increase the level of awareness and the teaching of professional norms.     

Commission Newsletter: 1995

SUMMARY

In this article, M. Manolova examines the provisions in the Bulgarian Constitution of 1879 which concern the responsibility of government ministers. It is shown how these provisions were unusually explicit in establishing that ministers were both individually and collectively responsible for their actions in government and in insisting that the power to institute proceedings lay exclusively with the parliament. The article compares the Bulgarian provisions with those in similar liberal constitutions of the period and notes the several instances down to 1919 when the provisions were implemented, in order to suggest that the principal of ministerial responsibility had a special importance in Bulgarian constitutional theory and practice.     

Film and lantern lectures

The Dutch East Indies. By Amry Vandenbosch. University of California Press. 1941. (Second Edition.)

Wanderer Between Two Worlds: An Autobiography. By Norman Bent‐wich. 8/1/2>” x 5/3/4>”. Pp. vii+358. Kegan Paul, Trench, Trübner and Co., Ltd. 12s. 6d.

Gertrude Bell. By M. R. Ridley. Blackie. 206 pp. Map. Four illustrations. 3s. 6d.

Modern Iran. By L. P. Elwell‐Sutton. Pp. xii+234. Illustrations, maps and plans. Routledge. 1941. 12s. 6d.

Ruz‐gar i Nau. A quarterly illustrated magazine in Persian. No. 2, Autumn, 1941. New York: Doubleday, Doran and Co., Ltd.; London: Hodder and Stoughton. is. net or 20 cents.

Turkey and Britain, is.

This Impertinence. By Peter Arnott. Jenkins. 12s. 6d

Soviet Asia : Its Records and its Problems. By E. S. Bates. Pp. 191 and a map. Jonathan Cape. 8s. 6d.

Green Prison. Twenty Years in Thailand. By W. Leigh Williams. 8/1/2>” x 6”. Pp. 352. Illustrations. London. Herbert Jenkins. 12s. 6d.

The Earth is the Lord's. A novel by Taylor Caldwell. Pp. 400. Collins. 19.41. 9s. 6d.

Genius of Friendship:T. E. Lawrence. By Henry Williamson. 10/1/4>” x 6/3/4>”. Pp. 78. Faber and Faber. 12s. 6d.