Dr Oliver Hartwich: Balancing the books is only half the job

Over the past couple of weeks, the two major parties have told us about their fiscal policies. Both promise to return the budget to surplus before the end of the decade.

National aims to bring down government spending to 30% of GDP, while Labour wants to stabilise it around 33% of GDP. National has pledged not to introduce any new taxes, while Labour is campaigning on a new capital gains tax.