Question
The Peacock-Wiseman displacement effect implies a
ratchet-like growth in public expenditure. Which sequence correctly describes the mechanism?Solution
Peacock-Wiseman mechanism: During a crisis, taxes rise sharply to fund the emergency. Citizens revise upward their “tolerable burden” of taxation. After the crisis, expenditure does NOT revert — the new higher tax-expenditure plateau is maintained. The “inspection effect”: the crisis exposes previously hidden social needs that are then addressed permanently. Result: step-like (ratchet) expenditure path. Option (C) describes Wagner’s Law (a separate, continuous-growth theory).
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