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UCL Uncovering Politics

Should Experts Set The Fiscal Rules?

May 2, 2024
The podcast discusses the debate between experts and politicians in setting fiscal policy, exploring the influence of public debt trends on politicians' decisions. It delves into the notion of freedom as non-domination in decision-making and the role of fiscal councils in budgeting decisions. The intersection of economics and political philosophy in shaping fiscal policy is also explored.
32:25

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Quick takeaways

  • Experts should influence fiscal rules to prevent overspending and mitigate public debt trends.
  • Politicians' incentives can lead to deficit bias, highlighting the need for effective fiscal policy guidance.

Deep dives

Arguments on Fiscal Policy Decision-Making

The podcast delves into the debate over who should determine fiscal policy, examining the suggestion that experts rather than politicians should dictate the budget deficit size. It highlights key arguments revolving around the increasing public debt trend, the potential issues with overspending, and the influence of politicians' incentives on borrowing, underscoring the importance of guiding fiscal policies effectively.

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highlights

Listen to the best highlights from the podcasts you love and dive into the full episode