BUDGET
Money acquired through expenditure for the purposes of further expenditure is budget. The budget makes possible realisation of series of projects through a roundabout process of money acquisition and expenditure. As a result at every given moment in time, a budget line is posed that reveals the possible range of commodities in the economy at that moment and over a period. The budget constraints shape the economy as a whole and every single company in particular. Expected value of money substantiates the budget structure, so in this way, other money will be available in the future and can be put to appropriate use. Autonomy budget, exogenous budget, and endogenous budget are distinguishable.
Historical Backdrop
• VILFREDO PARETO Manual of Political Economy: budgets of the individual and of the producer.
• JOHN HICKS and ROY ALLEN A Reconsideration of the Theory of Value: budget line.
• GUNNAR MYRDAL Monetary Equilibrium: cumulative causation.
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