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date: 22 October 2019

Abstract and Keywords

This article studies the economic constraints on public policy. It examines the relationship between accounting identities and economic constraints, and introduces the notions of ‘crowding out’ and ‘twin deficits’. These notions are referenced in the discussion on the relationship between budget balance constraints and external balance constraints. The article also considers the dual relationship between constraints and trade-offs; this relationship serves as the basis for a consideration of how public policy can respond to constraints and trade-offs.

Keywords: economic constraints, accounting identities, crowding out, twin deficits, budget balance constraints, external balance constraints, trade-offs

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