Democracy in Deficit: The Political Legacy of Lord Keynes - Hardcover

Buchanan, James M.; Wagner, Richard E.

Hardcover

ISBN 10: 0121388506 ISBN 13: 9780121388508

Publisher: Emerald Group Pub Ltd, 1997

Synopsis

Democracy in Deficit is one of the early comprehensive attempts to apply the basic principles of public-choice analysis to macroeconomic theory and policy.According to Robert D. Tollison in the foreword, “The central purpose of the book was to examine the simple precepts of Keynesian economics through the lens of public-choice theory. The basic discovery was that Keynesian economics had a bias toward deficits in terms of political self-interest.Democracy in Deficit opened the door for much of the current work on political business cycles and the incorporation of public-choice considerations into macroeconomic theory. Even in the area of monetarism, Buchanan s landmark work has greatly influenced the sway of contemporary theorists away from the nearly universally held belief of Keynesian theory.Democracy in Deficit contributes greatly to Buchanan s lifelong fiscal and monetary rules to guide long-term policy in macroeconomics. The book serves to bolster Buchanan s central beliefs in the necessity of a balanced-budget amendment to the U.S. Constitution and in monetary rules rather than central bank discretion.The book is co-authored with Richard Wagner, a respected colleague of Buchanan, whom Buchanan recognized as helping to keep the book free of polemics and on target with its central purpose of applying the elementary theory of public choice.James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century.The entire series will Volume 1: The Logical Foundations of Constitutional LibertyVolume 2: Public Principles of Public DebtVolume 3: The Calculus of ConsentVolume 4: Public Finance in Democratic ProcessVolume 5: The Demand and Supply of Public GoodsVolume 6: Cost and ChoiceVolume 7: The Limits of LibertyVolume 8: Democracy in DeficitVolume 9: The Power to TaxVolume 10: The Reason of RulesVolume 11: Politics by Principle, Not InterestVolume 12: Economic Inquiry and Its LogicVolume 13: Politics as Public ChoiceVolume 14: Debt and TaxesVolume 15: Externalities and Public Expenditure TheoryVolume 16: Choice, Contract, and ConstitutionsVolume 17: Moral Science and Moral OrderVolume 18: Federalism, Liberty, and the LawVolume 19: Ideas, Persons, and EventsVolume 20: Indexes

About this title

About the Author

James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and one of the greatest scholars of liberty in the twentieth century.

Edition details

• Publisher: Emerald Group Pub Ltd
• Publication date: 1997
• Language: English
• ISBN 10: 0121388506
• ISBN 13: 9780121388508
• Binding: Hardcover
• Edition number: 2
• Number of pages: 208