Kjeld Philip and His Views on Fiscal Policy

Abstract

The developments in macroeconomic theory in the 1930s had far-reaching theoretical implications for the attitude towards fiscal policy. In the following decades numerous articles and books analyzed the effects of fiscal policy on the economic activity. The analyses were often closely related to the Keynesian macroeconomic framework and the multiplier. The object of this paper is to draw attention to a book which analyzed fiscal policy from a different perspective.