talk of the structural budget balance
requires
talk of the structural trade balance
example
prime question:
if trade were balanced at full employment
what would be the remaining budget imbalance at full employment ???
next ??
the imbalances between (after tax and debt service) gross income
of operating production firms and firm gross spending
and then and only then
imbalances in household (after tax and debt service ) income and household spending
note the interlacings here provided by movements up and down to and from the credit cloud are omitted
omitted
but hardly irrelevent
for a start
cloud net domestic income must equal net domestic new lending
growth ???
expanded reproduction ???
oh more complexity
