Debt measures typically ignore most assets – notably, the public sector’s real commercial assets – and some significant liabilities, including the present discounted value of public-sector pension entitlements
only New Zealand uses the IPSAS [International Public Sector Accounting Standards] as the basis for its financial-management system...
view the matter from the perspective of “future generations.” What value do we place on our children? ... If we value them as much as we value ourselves..., we must account for how damage done to the environment today would affect their well-being
balanced budget multiplier: an increase in government spending will inject more demand into the economy than will be withdrawn by an equal increase in taxation, since some of the money taken by the tax would have been saved, not spent
SALZBURG — In 2009, while the world economy was still reeling from the global financial crisis, Nobel laureate economist Robert Lucas observed that “everyone is a Keynesian in the foxhole”. The implication was that, when an economy is faced with a severe economic shock, conventional fiscal policy norms must take a backseat to stabilization.
economic shocks of the past two decades were not freak occurrences but rather the product of a profoundly flawed and corrupt system
