Full text: What is New Since Keynes?

7 
■ vl>l ^wCl, 
As a mere side remark it may be observed that the welfare 
state has in a way by its automatic stabilisation 
contributed to a relatively high degree of tolerance 
against unemployment and restrictive ( monetatistic ) 
policy: By protecting the business from the worst 
effects of the recession which are instead taken by the budget 
the edge of the opposition against recession policies has 
been blunted. At the same time the better protection of 
at least some of the unemployed against great income loss 
has led to a weakening of the response also here. 
U Ki SUvwt- 
4 j It should not be forgotten that hte budgetary situation 
at present ismade much worse by the interest policy 
(prbbably the most important effect of monetarism is on the 
budget). An OECD table recently showed that without interest 
on the public debt almost all countries in the last ten 
years or so (except one year) showed practically no deficits. 
fSut the full employment budget probably has been over 
extended and the complaints about taxation cannot be brushed 
aside from a long run policy point of view. . 
Wv-c- -iyt, > l ' e ; 
Feldstein notes tow reasons^: Financial implication of 
legislation was sometimes not suffiently calculated 
(entitlements) and spending was based on an expectation 
of growth which was subsequently not realised. 
4^ The suspicion that public services lack sufficiet planning 
and efficiency cannot be easily dismissed. 
P” One of the aims of welfare policies, by and large, 
seems to have been missed: The aim of re-distribution of income 
In practice welfare services, it appears, are largely paid 
out of taxes on mass incomes and mass consumption. 
See Ljj .Nicholson, Redistribution of income in the United 
Kingdom in 1959,1957 and 1953. Londoh 1965
	        

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