Fiscal policy: some lessons from the Blue Book

Abstract

When I was asked to read a paper to this Society on the proposed changes in British Fiscal Policy which have made such a stir in recent times, I recognised at once that the subject must be treated here, not as one of party politics, but simply as one of economic theory and economic policy. And it occurred to me that the most useful contribution I could make to the consideration of the subject, from that point of view, would be an examination of the contents of the Blue Book published by the Board of Trade, and an endeavour to discover what light this Blue Book throws on the main points involved in the controversy.