Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
For obvious reasons, balancing the annual budget makes perfect sense when your output is basically entirely agricultural, and your consumption almost entirely is food.
You should still use fiscal policy to balance out years of good and bad crops, so the balanced budget is a myth even fot the agricultural economy.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Tue Jul 1st, 2014 at 09:24:13 AM EST
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