Trends in the Size of Government
When Schumpeter wrote of the thunder of fiscal history. he was referring to the drama over government I budgets and their impacts on the economy. For more than a century. national income and production have been rising in ‘all industrial economies, At the same time. in most countries. government expenditures have been rising even faster than the overall economy, Each period of emergency-depression. war, or concern over social problems such as ‘poverty or pollution-expanded the activity of government. After the crisis passed, government controls and spending never returned to their previous levels, ,Before World War I, the combined federal state and local government expenditures or taxation amounted to little more than one-tenth of the entire U.S. national economics The war effort during World War government to consume’ about half the nation’s greatly expanded total output. By 2000, expenditures of levels of government in the United States ran around 28 percent of GDP.
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