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Economists have, in recent years, attributed the depressed economic conditions we are facing in the world to hysteresis, which is regarded as the permanent effect of fiscal consolidations after the global recession of 2008-2009. Tan Kim Heng's book is timely and has significant contributions to this discussion because he forges an important link between fiscal consolidations and weakening future potential output in developed economies: spending on public investment, which is not a vote-enhancing policy instrument, always gives way to other forms of government spending. -CHEN Kang, Professor, Lee Kuan Yew School of Public Policy, the National University of Singapore

""Economists have, in recent years, attributed the depressed economic conditions we are facing in the world to hysteresis, which is regarded as the permanent effect of fiscal consolidations after the global recession of 2008-2009. Tan Kim Heng’s book is timely and has significant contributions to this discussion because he forges an important link between fiscal consolidations and weakening future potential output in developed economies: spending on public investment, which is not a vote-enhancing policy instrument, always gives way to other forms of government spending."" —CHEN Kang, Professor, Lee Kuan Yew School of Public Policy, the National University of Singapore

"""Economists have, in recent years, attributed the depressed economic conditions we are facing in the world to hysteresis, which is regarded as the permanent effect of fiscal consolidations after the global recession of 2008-2009. Tan Kim Heng’s book is timely and has significant contributions to this discussion because he forges an important link between fiscal consolidations and weakening future potential output in developed economies: spending on public investment, which is not a vote-enhancing policy instrument, always gives way to other forms of government spending."" —CHEN Kang, Professor, Lee Kuan Yew School of Public Policy, the National University of Singapore"

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Kim Heng Tan obtained his Bachelor of Engineering from the University of Adelaide, a Master of Commerce from the University of New South Wales and a PhD in Economics from the University of Sydney. He wrote his PhD thesis ""Public Policies in Dynamic Open Economies"" under the supervision of eminent international trade theorist Alan Woodland. He taught economics at the University of New South Wales and Macquarie University in Australia before joining Nanyang Technological University (NTU). He has published in internationally refereed journals. He is now retired from NTU but still teaches Macroeconomics for the MSc (Applied Economics) programme.

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