Wednesday October 21, 2020

What role do we want the state to play in our economy?

Analysis: With austerity discredited and effective solutions needed quickly, we’re not in Kansas any more

18th October, 2020
Young people have been disproportionally affected by Covid-19, but they will have the opportunity to shape their own political futures Picture: Fergal Phillips

There are only two ways to fund the state – taxes and debt. Every state in the world uses a combination of both.

Taxes fund day to day public services and consumption, whereas public debt is used to make longer-term strategic investments in the economy and society. These investments, in turn, generate the conditions for future growth that produce the taxes to fund the state.

In order to make this relationship work, and to ensure...

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