El principio clásico del "equilibrio del presupuesto" y su evolución ante las modernas concepciones de la hacienda pública

The debate regarding ideal standards for the public budget will be unending, as long as the basic economy remains essentially capitalistic. Since the J. M. KEYNES theory, two opinions have become predominant; the orthodox thesis, which sees in the equilibrium of the budget the foundation of all desirable financial politics and the new concepts contained there in above all exalting the idea of full employment, and side tracking the budget equilibrium in times of depression, in merit of the transcendence of the other factors of social and political character. In final conclusion it will be agreed, that the fiscal political resources, conceived by the doctrine and confirmed by practice, are but the first defensive line in the protection fluctuations. There will be positive results once there is an assurance of both fiscal and monetary policy, without a change in the political system, converting into models of supreme and indeclinable value, economic freedom and free enterprise. Instituto de Investigaciones Económicas