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Medientyp:
E-Artikel
Titel:
The Nature of Budgetary Balance and the Case for the Capital Budget
Beteiligte:
Musgrave, Richard Abel
Erschienen:
The American Economic Association, 1939
Erschienen in:The American Economic Review
Sprache:
Englisch
ISSN:
0002-8282
Entstehung:
Anmerkungen:
Beschreibung:
<p>I. Various arguments in favor of the Capital Budget refer to the different types of "budgetary balance." The merits of the capital-budget scheme are examined from the point of view of alternative balance interpretations. II. The argument that borrowing for purposes of public investments creates offsetting assets, in the form of the durable goods supplied, is erroneous. The case of truly self-liquidating investments forms an exception, permitting application of the capital-budget scheme. III. From the point of view of monetary balance the capital-budget scheme is confusing rather than helpful. IV. Several objections against the principle of "budgetary unity," raised from the point of view of hedonistic balance, do not hold. V. From the point of view of long-run planning a case for the capital budget exists where long-run fiscal planning imposes different redemption schemes for different types of borrowing.... The conclusion is drawn that, subject to the case of truly self-liquidating investments, the disadvantages of the capital-budget scheme outweigh the advantages. Whether an investment can be placed in the "truly self-liquidating" class must be decided on the merits of the individual project.</p>