One of the most consequential ideas in contemporary economics is that governments must reduce budget deficits-preferably to zero. A strict version recommends banning government borrowing once and for all, whereas a more moderate one aims at a balanced budget over the business cycle, where borrowing is admissible during economic downswings, conditional on commitments to budget surpluses of equal magnitudes during upswings.
CITATION STYLE
Graff, M. (2017). Governments must reduce budget deficits. In Economic Ideas You Should Forget (pp. 67–68). Springer International Publishing. https://doi.org/10.1007/978-3-319-47458-8_27
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