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Macroeconomics Commons

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Public Economics

School of Education and Human Development at the University of Colorado Denver

Public goods

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Full-Text Articles in Macroeconomics

Appropriate Fiscal Policy Over The Business Cycle: Proper Stimulus Policies Can Work, Philip E. Graves Jan 2010

Appropriate Fiscal Policy Over The Business Cycle: Proper Stimulus Policies Can Work, Philip E. Graves

PHILIP E GRAVES

Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful recommendations for policy-makers, particularly in times of recession. Others take the laissez-faire view that policy reactions to the business cycle do not help in a rational expectations world and indeed do harm by increasing uncertainty. Still others, while not necessarily viewing themselves as in any sense ―Keynesian,‖ have a nagging feeling that sometimes doing nothing ...


A Note On The Valuation Of Collective Goods: Overlooked Input Market Free Riding For Non-Individually Incrementable Goods, Philip E. Graves Jan 2009

A Note On The Valuation Of Collective Goods: Overlooked Input Market Free Riding For Non-Individually Incrementable Goods, Philip E. Graves

PHILIP E GRAVES

For at least fifty years economists have argued that vertically-aggregated marginal willingness to pay, when set equal to marginal provision cost, will result in optimal public good provision levels. This methodological approach would be expected to yield an exact analog, in terms of optimal levels of public good provision, to efficient provision of private goods in a perfect market setting. There is, however, a potentially serious flaw in the approach as actually practiced, since initial incomes are implicitly–and wrongly–taken to be optimal. From a given income, the output demand revelation problem has long been recognized–that there will ...


Voodoo Multipliers Revisited: Public Policy For Recessions And Boomtimes, Philip E. Graves Jan 2009

Voodoo Multipliers Revisited: Public Policy For Recessions And Boomtimes, Philip E. Graves

PHILIP E GRAVES

There is no abstract for this brief column.