Debates about the role of government often take place on bumper stickers, with rallying cries such as “No new taxes” or “Balance the budget.” These simplistic phrases cannot capture the serious business of government economic policy. Say the populace decides that it wants to devote more resources to improving public health; or that the country needs to mobilize its ail’ force to combat ethnic cleansing in Kosovo: or that protecting our precious environment for future generations is a key national priority or that more resources should be devoted to educating the young or that unemployment in a deep recession should be reduced. A market economic cannot automatically solve these problems. Each of these objectives can be met if and only if the government changes its taxes, spending, or regulations. The thunder of world history is heard in policy because taxing and government social changes.

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