This book explores new fiscal rules introduced in OECD countries and the relevance of fiscal rules for the unique fiscal policies and institutions in the United States. The rules in different countries are compared, with a more in depth analysis of two countries with arguably the most successful fiscal rules-Switzerland and Sweden. The study compares the challenge of fiscal consolidation facing the U.S. with that in other OECD countries. The centerpiece of the study is analysis of fiscal rules using a dynamic simulation model. A Swiss style fiscal rule is compared to an alternative fiscal rule proposed by Representative Amash, H.J.Res 24.The authors propose a new fiscal rule designed for the unique fiscal institutions in the U.S. Dynamic scoring is used to measure the impact of different fiscal rules on the federal budget, economic growth, and revenue. The effectiveness of the different fiscal rules is analyzed with respect to several criteria. A major objective of the rules is fiscal stabilization in the long run to bring debt/GDP ratios below tolerance levels. The fiscal rules are also designed for budget stabilization in the medium term, such that deficits in periods of recession are offset by surplus revenue in periods of economic expansion. The concluding section of the study explores the political economy of enacting new fiscal rules in the U.S. The study proposes fundamental changes in budget process required for the proposed fiscal rule to be effective. The study concludes with a discussion of alternative routes to enacting new fiscal rules, and the prospects for new fiscal rules to be enacted in the U.S.

Restoring America's Fiscal Constitution estimates the potential impact of new fiscal rules on the U.S. economy over the next two decades. The new rules would require a cyclically balanced budget and an expenditure limit. The study shows that over the forecast period, the budget could be balanced and the total debt-to-GDP ratio reduced to the 60 percent tolerance level under this scheme, but this fiscal consolidation can only be achieved using a combination of fiscal reforms that go far beyond what has been proposed by Congress and the President. The first chapter explores the theoretical foundations of a fiscal constitution. The orthodox public finance view of public debt is contrasted with a public choice perspective. This is followed by chapters surveying the new fiscal rules enacted in other countries to address debt issues. Several chapters provide a historical perspective on U.S. debt, including a critical appraisal of our fiscal rules. New laws are proposed to address the debt crisis, and a dynamic simulation model is used to estimate the impact of the proposed laws on the U.S. economy. The final section provides a roadmap for enacting the proposed constitutional and statutory fiscal rules.

Manipulation of the microbial gut content of farmed fishes and crustaceans can have a marked effect on their general health, growth, and quality. Expertly covering the science behind the use of prebiotics and probiotics this landmark book explains how the correct manipulation of the gut flora of farmed fishes and crustaceans can have a positive effect on their health, growth rates, feed utilization, and general wellbeing. Aquaculture Nutrition: Gut Health, Probiotics and Prebiotics provides a comprehensive overview of the current knowledge of the gut microbiomes of fish and their importance with respect to host-fish health and performance, providing in-depth, cutting-edge fundamental and applied information. Written by many of the world s leading authorities and edited by Dr Daniel Merrifield and Professor Einar Ringo, this important book discusses in detail the common mechanisms for modulating microbiomes, particularly at the gut level (e.g. probiotics, prebiotics and synbiotics). The book is a key resource for an understanding of the historical development of these products, their known mechanisms of action and their degree of efficacy as presently demonstrated in the literature. The fundamental material provided on the gut microbiota itself, and more broad aspects of microbe-live feed interactions, provide essential reading for researchers, academics and students in the areas of aquaculture nutrition, fish veterinary science, microbiology, aquaculture, fish biology and fisheries. Those involved in the development and formulation of aquaculture feeds and those with broader roles within the aquaculture industry will find a huge wealth of commercially-important information within the book s covers. All libraries in universities and research establishments where biological sciences, nutrition and aquaculture are studied and taught, should have copies of this excellent book on their shelves.