IGNOU EPA 5 2017 2018 - Explain Displacement Effect hypothesis of Peacock and Wiseman as a det

Question

Explain Displacement Effect hypothesis of Peacock and Wiseman as a determinant of public expenditure.

21 Apr 2018

Answer :

Word Count : 478

According to Wagner's Law the principal determining force for the rise in public expenditure is the growth of real per capita income or in other words increased public demand for new public services arising out of the growth of real per capita income. There have been some recent attempts at the positive theory of public expenditure stressing the supply side operating through tolerable limits to taxation on the financing of public expenditure as the more important determinant of the growth of public expenditure. Of the supply side theories of public expenditure, the displacement hypothesis of Peacock and Wiseman has received deepest attention.

Peacock and Wiseman's empirical study of the growth of public expenditure in the United Kingdom from 1890 to

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