Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth by Pantelis C. Kostis;

Author:Pantelis C. Kostis;
Language: eng
Format: epub
Publisher: IGI Global

The onset of the global financial and economic crisis in 2008 revived Keynesian ideas to overcome its effects and stimulate economic growth through more active government intervention. However, in this period there is no lack of advocates of the effectiveness of monetary policy as a means of overcoming the crisis. For example, Frederic Mishkin, criticized Paul Krugman's distrust, expressed in the pages of the New York Times (Krugman, 2008), of using “the usual tools of monetary policy – above all the Federal Reserve’s ability to pump up the economy by cutting interest rates”. Mishkin (2009, p. 573) points out: “I will argue that, to the contrary, financial crises of the type we have been experiencing provide a strong argument for even more aggressive monetary policy easing than normal.” In its current economic development forecast, the International Monetary Fund (IMF) warns that under the blows of the coronavirus pandemic (Covid-19), the world economy is facing the worst years since the Great Depression. It is likely that this will make the relevant possibilities for solving global economic problems through the tried and tested Keynesian tools and will put at the heart of the economic debate the Keynesian ideas adapted to modern times.

In addition to theoretical interpretations of the views of Keynesian and Neoclassical economics, the results of empirical research have been used in the development of this chapter. The most important of them are as follows: inequalities overcoming (of the European Commission); pre-history, introduction, and results of the flat tax in Bulgaria, as well as inequality dynamics and causes in the country (of the Bulgarian Institute for Market Economics); and the effectiveness of progressive income taxation (of the Center for Economic Studies and Ifo Institute [CESifo], Munich). The author uses the European Commission’s statistical data of tax rates and tax income in the member countries of the European Union (EU) for the period 2003-2019. Furthermore, the author studies methodical instructions on carrying out inspections and audits on individuals by the National Revenue Agency authorities in Bulgaria.

CONTEMPORARY ROLE AND FUNCTIONS OF PERSONAL INCOME TAXES

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