The work calls attention to a major macroeconomic fiscal illusion: that arising from the current official practice of expressing the main fiscal indicators, and particularly the tax burden, as a percentage of GDP rather than NDPF (Net Domestic Product at Factor Costs). This methodology causes a...

The work calls attention to a major macroeconomic fiscal illusion: that arising from the current official practice of expressing the main fiscal indicators, and particularly the tax burden, as a percentage of GDP rather than NDPF (Net Domestic Product at Factor Costs). This methodology causes a...

The distinguished authors in this volume address the fundamental causes for such heterogeneous international experiences, placing particular emphasis on the role of institutions. They demonstrate how the study of economic development is increasingly linked to the development of institutions,...

The present dictionary entry aims to provide an account of Luigi Einaudi's life, thought and works

<Para ID="Par1">With the new European fiscal compact, fiscal rules requiring balanced budgets net of the annual cyclical component have been introduced to limit growth in the ratio of debt to GDP. The objection may arise that such rules would have an adverse effect, especially in the long run on employment and...</para>

The author examines the thought and mission of Sergio Steve (1915-2006) as a leading public economics scholar of the ‘transition generation’ before and after World War ii. The theorization of Steve is viewed mainly through his portraits of the economists with whom he was most familiar:...

With the new European fiscal compact, fiscal rules of budget balance over the cycle have been introduced to limit the growth of the debt ratio to GDP. The objection may arise that they would have an adverse effect, especially in the long run on employment and growth. We test the proposition...

The paper examines the scientific work of Alberto Alesina as leader of a new school of macroeconomic political economy which has renovated and broadened the content of this branch of the economic science. His political economy is not dominated by the axiomatic normative economics, where...