Durevall, Dick; Henrekson, Magnus - Nationalekonomiska institutionen, Handelshögskolan - 2010
spending: Wagner’s Law and different variants of the ratchet effect. We analyze data spanning from the early 19th century until … Wagner’s Law and the ratchet effect hypothesis over a very long time period, starting at the beginning of industrialization … adjustment. According to our main results, Wagner’s Law does not hold in the long run, although the data are consistent with …