While on Mr Davies' assumptions there is no structural case for tighter fiscal policy, if his assumptions were a fraction less optimistic, there would be a case for it.

ECONOMIST: The budget

If this is the case, the deficit is structural and painful tax rises will be necessary to correct it.

ECONOMIST: But there is still reason to worry about future years

In that area, Apple is a case study in systemic or structural innovation.

FORBES: Move up http://i.forbesimg.com t Move down

As the Center reported that month, (1) a major IMF-led study commissioned by the G-7 nations at last year's Houston economic summit revealed that the Soviet Union was a basket-case economically and would remain so in the absence of wholesale structural reforms.

CENTERFORSECURITYPOLICY: Center For Security Policy

The economic case for a growth strategy that combines hefty fiscal cuts with timid structural reforms is not obvious, especially when private demand is likely to stay weak.

ECONOMIST: A better way