In the early years of economics and, specifically, budgets, the dominant idea was fiscal conservatism. Budgets had to be balanced, and states could ill-afford to be profligate. The Great Depression changed that belief, with economist John Maynard Keynes arguing for deficit spending. Countries have since then adopted a middle path, expanding the government but within parameters for fiscal responsibility.
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First Published: Fri, January 27 2023. 11:10 IST