Fiscal illusion Mourao (2008) attempts to quantify fiscal illusion empirically for almost 70 democracies since 1960. Fiscal illusion Fiscal illusion is a public choice theory of government expenditure first developed by the Italian economist Amilcare Puviani in his 1903 book "Teoria della illusione finanziaria" ("Theory of Financial Illusion" (not yet translated into English, but translated into German in 1960 under the title "Die Illusionen in der öffentlichen Finanzwirtschaft", Berlin: Dunker & Humblot, 1960)). Fiscal illusion suggests that when government revenues are not completely transparent or are not fully perceived by taxpayers, then the cost of government is seen to be less than
Irish Fiscal Advisory Council in the United Kingdom (also formed after the financial crisis), and other equivalent members of the "Network of European Union Independent Fiscal Institutions" (which IFAC joined in September 2015). IFAC is structured as a Council of 5 members (one Chairperson) and a supporting analytical team of circa 6. The formal mandate of the Irish Fiscal Advisory Council (per IFAC website) is to: IFAC has been well received by Irish financial commentators and its publications are widely covered in the Irish media. The key mandated publications of the Irish Fiscal Advisory Council are: The Irish Fiscal Advisory Council has commenced an