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The question of whether or not fiscal policy stimulates growth has dominated theoretical and empirical debate for a long time. One viewpoint believes that government involvement in economic activity is vital for growth, but an opposing view holds that government operations are inherently bureaucratic and inefficient and therefore stifles rather than promotes growth. In the empirical literature, results are equally mixed. The aim of this paper is not to resolve the raging debate but to add to the fiscal policy-growth literature by examining the case of a small open developing country, Kenya. We used time series techniques to investigate the relationship between various measures of fiscal policy on growth on annual data for the period 1964 - 2002. Categorising government expenditure into productive and unproductive and tax revenue into distortionary and non-distortionary, we found unproductive expenditure and nondistortionary tax revenue to be neutral to growth as predicted by economic theory. However, contrary to expectations, productive expenditure has strong adverse effect on growth whilst there was no evidence of distortionary effects on growth of distortionary taxes. On the other hand, government investment was found to be beneficial to growth in the long run. These results should prove useful to policy makers in Kenya in formulating expenditure and tax policies to ensure unproductive expenditures are curtailed while at the same time boosting public investment.

This study, first published in 1992, explores the relationship between China's foreign trade reforms and the domestic economic reforms that underlie China's policy of openness. It provided the first comprehensive analysis of how China emerged, since reform began in 1978, as one of the most dynamic trading nations in the world. It examines both the external policy changes, such as the decentralisation of trading authority and the devaluation of the domestic currency, and internal economic reforms such as the increased use of markets and prices. The volume concludes with an analysis of the sources of China's export growth and outlines further domestic economic reforms that the author believes will be required to sustain China's integration into the world economy

This volume contains chapters on a range of topics which include economic methodology in macroeconomics, central bank independence, policy signalling, public policy as second best analysis, the determinants of economic growth, a continuum approach to unemployment policy, and pensions. The volume dispels the notion that these are largely unrelated issues and illustrates the merger process which is taking place between hitherto rather separate economic sub-disciplines. They move the focus of attention and challenge received wisdom.

Address before the Royal institute of international affairs, London, Eng., June 10, 1958.

Frontmatter --EDITORIAL PREFACE --BIBLIOGRAPHICAL SURVEY --CONTENTS --Introduction --PROBLEMS OF ECONOMIC GROWTH --I. Agriculture And The Political Scientist --II. The Threshold Of Economic Growth --III. Social Pre-Conditions And Effects Of Moving Over The Threshold Of Economic Development --IV. Shares Of Labor And Capital In The Gross Domestic Product Of 40 Countries In The Decade 1953-1962 --V. How Not To Develop A Country: An Essay In Economic Pathology --Agriculture --VI. Lack Of Institutional Flexibility In Agriculture --VII. Agricultural Turning Points In Economic Development --VIII. Three Concepts Of Agricultural Over-Population --IX. Problems Of Socialist Agriculture --Yugoslavia --X. Economics Of Socialism In Jugoslavia: The Third Stage -- The Reform --XI. Some Aspects Of The Policy Of Worker's Income In Yugoslavia