Monte dei Paschi di Siena

vol.8 n.1
Economic Notes – Vol.8 n° 1

In a previous essay in this reviewl, we proposed a two-sector growth mode1 for the case of a mixed economy. Government ex- penditure was for both consumption and investment goods, such that a government share of physical assets could be maintained in the long-run. Under the fu11employment hypothesis that we considered, room for government capita1 was proved to be available so long as higher rates of inflation could be borne by the whole economy. Indeed, the intensity of private capita1 need not have been reduced if govern- ment investment programs were correctly processed together with traditional fiscal and monetary tools…. continua a leggere

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