Recent debates over the changing volatility of the business cycle have concentrated on the possible effects of government policy, and have paid little attention to differences in the character of the economy in different periods. Yet its character has changed dramatically from pre-World War I to...

This ambitious book seeks both to revive and revise the idea of ‘functional finance’. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary...