Foreword‪.‬

In a situation where total labour command (source of capital formation) is distributed in a way where W (referring to wage fund)--a highly productive asset--is greater than (R + P), referring to renteers and profiteers non-productive asset, economies of scale are reaped via increases in productive investment; and, on the other hand, when (R + P) exceeds W, disinvestment occurs due to wasteful expenditure. Thus, in a situation where productive expenditure exceeds non-productive expenditure, budget deficit is conducive for economic development as expenditure generates income via multiplier effect; while budget deficit is a highly contagious disease in cases where unproductive expenditure exceeds productive asset and must be cut drastically as, otherwise, it would lead to serious structural maladjustment problems. At this point the views of the celebrated business cycle economist, Alvin Hansen are worth recalling :