Discussion of Financing State and Local Government Services in a Cyclical Economy*

Kurt R. Anschel

Journal of Agricultural and Applied Economics, 1976, vol. 8, issue 1, 11-12

Abstract: Drs. White and Musser bring an important new insight: given recent and prospective variations in inflation and income growth, stability must become an important criterion for assessing alternative local and state government fiscal systems. The 1960s was an expansionary period for U.S. and world economies. Equity, growth and efficiency appeared to be appropriate and sufficient criteria for evaluating local and state tax and expenditure systems. The economic turmoil of the 70s, however, makes it obvious we were a bit over-optimistic. Stability must be added to our list.

Date: 1976
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