Bigger Government: The Future of Government Expenditure in Advanced Economies

Bigger Government: The Future of Government Expenditure in Advanced Economies

by Marc Laurence Robinson

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Overview

FINANCIAL TIMES BEST ECONOMICS BOOKS 2020

Advanced nations are headed for a new era of bigger government, with government expenditure set to increase enormously over the next three decades. In all advanced economies, health spending will be driven irresistibly upward by the costs of precision medicine and other new technologies, and the need to repair the weaknesses highlighted by the coronavirus pandemic. Governments will also be compelled to spend big on fighting global warming, fixing ailing infrastructure and providing adequate aged care for a rapidly graying population. The combined effect of these and other spending pressures threatens to drive budget deficits and government debt through the roof. Substantial tax increases will be necessary, most of all in the low-tax United States. Pruning welfare spending will also be high on the agenda in countries with the most comprehensive welfare states. Printing money – as proposed by advocates of modern monetary theory – is not a solution, but a sure route to disaster. Faced with this reality, the political right must abandon pipedreams of smaller government. The left, on the other hand, needs to recognize that there is no room or need for costly projects like a universal basic income. Mankind is not facing the threat of mass technological unemployment, and government spending needs to be focused on addressing real problems rather than imaginary ones.

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Product Details

ISBN-13: 9782970140139
Publisher: Marc Robinson
Publication date: 07/10/2020
Pages: 392
Product dimensions: 6.00(w) x 9.00(h) x 0.81(d)

About the Author

Marc Robinson is an internationally-recognized expert on government finances. As a consultant, he has advised more than thirty countries, on all continents and at all stages of development, on budgeting reforms. He has also been a senior civil servant, a professor of economics, and a staff economist at the International Monetary Fund. Dr. Robinson has published in excess of 30 books, monographs and articles on government budgeting issues. He has frequently participated as an invited speaker at conferences and symposiums held by international organizations (including the OECD, European Union, APEC and NATO) and national ministries of finance. He is a member of the OECD Advisory Panel on Budgeting and Public Expenditures. Resident in Switzerland, he is a Swiss and Australian dual national. His website is www.pfmresults.com.

Table of Contents

Introduction

Note: Public Expenditure


  1. Big Spenders or Misers?
  2. Why Has Health Expenditure Risen So Fast?
  3. The Future of Health Expenditure
  4. The Impact of Aging
  5. Decisive Action on Global Warming: What Will it Cost?
  6. Infrastructure Deficits
  7. Income Support in the New Economy
  8. Borrowing and the Printing Press?
  9. Trimming the Fat
  10. Bigger Government


Acknowledgments

Statistical Annex

Notes

References

Index

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