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Fiscal Council
A fiscal council is an independent body set up by a government to evaluate its government spending, expenditure and tax policy. Typically, councils are staffed by economists and statisticians who do not have the ability to set policy, but provide advice to governments and the public on the economic effects of government budgets and Public policy, policy proposals. Some fiscal councils also provide economic forecasting. Fiscal councils evaluate government's fiscal policies, plans and performance publicly and independently, against macroeconomic objectives related to the long-term sustainability of public finances, short-to-medium-term macroeconomic stability, and other official objectives. History Several fiscal councils arose following the 2008 financial crisis with the intention of avoiding debt crises and alleviating the problem of deficit bias, which is a tendency of governments to allow increasing long-term deficits. Analysis from the International Monetary Fund proposes that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government Gross fixed capital formation, gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Spending by a government that issues its own currency is nominally self-financing. However, under a full employment assumption, to acquire resources produced by its population without potential inflationary pressures, removal of purchasing power m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tragedy Of The Commons
The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely replace them, the predictable result being a "tragedy" for all. The concept has been widely discussed, and criticised, in economics, ecology and other sciences. The metaphorical term is the title of a 1968 essay by ecologist Garrett Hardin. The concept itself did not originate with Hardin but rather extends back to classical antiquity, being discussed by Aristotle. The principal concern of Hardin's essay was overpopulation of the planet. To prevent the inevitable tragedy (he argued) it was necessary to reject the principle (supposedly enshrined in the Universal Declaration of Human Rights) according to which every family has a right to choose the number of its offspring, and to replace it b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliamentary Budget Officer
The Office of the Parliamentary Budget Officer (OPBO; ) is an office of the Parliament of Canada which provides independent, authoritative and non-partisan financial and economic analysis. The office is led by the Parliamentary Budget Officer (PBO; ), an independent officer who supports parliamentarians in carrying out their constitutional roles of scrutinizing the raising and spending of public monies and generally overseeing the government's activities. History Creation of PBO (2006) The Parliamentary Budget Officer was established in 2006 by the Conservative Party of Canada, Conservative government of Prime Minister of Canada, Prime Minister Stephen Harper, as one of the independent oversight offices established by the ''Federal Accountability Act''. The act was the Premiership of Stephen Harper, Harper government's first piece of legislation. The powers of the PBO are enshrined in the ''Parliament of Canada Act'' (Sections 79.1-79.5). The PBO's mission is to "support Pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Planning Bureau
The Federal Planning Bureau (FPB) is a Belgian independent public agency that carries out research and makes projections on economic, social and environmental policy issues. It also studies the integration of these policy issues within a context of sustainable development. On 25 November 2023, the Council of Ministers approved a draft royal decree appointing Baudouin Regout as the new Commissioner of the FPB. The Commissioner is assisted by the Deputy Commissioner, Saskia Weemaes. History When the FPB was founded on 14 October 1959, it carried the name of Programming Bureau. Its mission was to elaborate the economic policy framework, which had been absent until then, by submitting proposals to the Ministerial Committee for Economic and Social Coordination. In 1970, the Programming Bureau’s name was changed into Planning Bureau, in accordance with the law of 15 July of that same year. The economic programmes are replaced by economic plans marked by a more formalized approach ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scottish Fiscal Commission
The Scottish Fiscal Commission () is a non-ministerial office. It was established by the Scottish Parliament to provide independent forecasts of taxes and social security expenditure, and GDP forecasts, to help inform the government's budget and its scrutiny by parliament. It was formally created in June 2014, but moved to become a statutory body following the Scottish Fiscal Commission Act 2016. The commission is currently headed by Professor Graeme Roy. Remit The Scottish Fiscal Commission was established as a non-ministerial office on 1 April 2017, and is structurally and operationally independent of the Scottish Government. Its Commissioners are directly accountable to the Scottish Parliament. It publishes two sets of five-year forecasts a year in line with the Scottish budget process. It also publishes evaluations of its forecasts and working papers on related subjects. Its five-year forecasts cover Scotland's: * Income Tax * Land and Buildings Transaction Tax * Non-Domestic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Debt Crisis
The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The eurozone Member state of the European Union, member states of Greece, Portugal, Republic of Ireland, Ireland, and Cyprus were unable to repay or refinance their government debt or to bailout fragile banks under their national supervision and needed assistance from other eurozone countries, the European Central Bank (ECB), and the International Monetary Fund (IMF). The crisis included the Greek government-debt crisis, the 2008–2014 Spanish financial crisis, the 2010–2014 Portuguese financial crisis, the post-2008 Irish banking crisis and the post-2008 Irish economic downturn, as well as the 2012–2013 Cypriot financial crisis. The crisis contributed to changes in leadership in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Sl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Genoa
The University of Genoa () is a public research university. It is one of the largest universities in Italy and it is located in the city of Genoa, on the Italian Riviera in the Liguria region of northwestern Italy. The original university was founded in 1481. Campuses The University of Genoa is organized in several independent campuses located in different city areas: *The Balbi campus: includes the Rectorate, the central administration offices, the departments of Economics, Humanities, Philosophy, Languages, Law and Political Science; * The Sarzano campus: includes the departments of Education Sciences and Architecture; * The Albaro campus: comprises the departments of Engineering; * The Valletta Puggia campus: comprises the Departments of Mathematics, Physics and Chemistry; * The San Martino campus: comprises the Departments of Medicine and Earth Sciences; Of great historical and artistic interest are the buildings in Via Balbi and in particular: the main university premises ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Keynesian Economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics. Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. However, the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "Sticky (economics), sticky", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other present descriptions of market failures in New Keynesian Model (macroeconomics), models, imply that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Economy
The real economy concerns the production, purchase and flow of goods and services (like oil, bread and labour) within an economy. It is contrasted with the financial economy, which concerns the aspects of the economy that deal purely in transactions of money and other financial assets, which represent ownership or claims to ownership of real sector goods and services. In the real economy, spending is considered to be "real" as money is used to effect non- notional transactions, for example wages paid to employees to enact labour, bills paid for provision of fuel, or food purchased for consumption. The transaction includes the deliverance of something other than money or a financial asset. In this way, the real economy is focused on the activities that allow human beings to directly satisfy their needs and desires, apart from any speculative considerations. Economists became increasingly interested in the real economy (and its interaction with the financial economy) in the late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian, Ecological economics, ecological, Marxian economics, Marxist-Historical school of economics, historical, Post-Keynesian economics, post-Keynesian, and modern monetary theory, modern monetary approaches.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65Abstract. Four frames of analysis have been highlight ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Government
Small means of insignificant size. Small may also refer to: Science and technology * SMALL, an ALGOL-like programming language * ''Small'' (journal), a nano-science publication * <small>, an HTML element that defines smaller text Arts and entertainment Fictional characters * Small, in the British children's show Big & Small Other uses * Small (surname) * List of people known as the Small * "Small", a song from the album ''The Cosmos Rocks'' by Queen + Paul Rodgers See also * Smal (other) Smal may refer to: People * (1927-2001), Dutch musician * Georges Smal (1928–1988), Belgian writer * Gert Smal (born 1961), South African rugby player * Gijs Smal (born 1997), Dutch football player * (born 1939), Belgian politician; a memb ... * Smalls (other) {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
