The Indian Journal of Economics October 1948

Thus while there is evidence of great interest in economic: development and sound judgment in indicating the financial resources for the purpose the course of events in the province threaten to interfere in the realisation of the objectives of the Planning Committee. [...] The idea that a nation can bankrupt itself by employing its own labour and machinery to make goods for its own consumption is the kind of absurdity which arises front the mixing up of the conception of the State as a separate corporation with the conception of the State as the organ of the country as a whole. [...] I hitherto the tax-system was supposed to be the best if it plucked the goose with the least squealing and it was almost axiomatic for the Chancellor of the Exchequer that the taxation should be levied in suc:h a war as not to kill the goose that lays the golden eggs. [...] During the war years the analysis of National Income and Expenditure enabled the British Government to gauge the real cost of the war and the distribution of its burden. [...] Deficit budgets separation of revenue and capital budgets and long-term budgeting will be the features of the new budgeting coresponding to the 'New Econcnnics' which has demonstrated that it is well within the power of any modern government to ensure the full utilisation of the available resources of the community.