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 (1919–2013) was an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the greatest scholars of liberty in the twentieth century.

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.

"About this title" may belong to another edition of this title.

Store Description

Located in the Greater Birmingham area of central Alabama, our store offers for sale via mail order and through the internet, almost entirely to customers found through Internet contacts, thousands of books and other media of both popular and academic research interest. Focusing primarily on non-fiction books, we have a high concentration of items in such subjects as political science, philosophy, economics, religion and theology, science, literature and literary criticism, Alabama and Southern history,the American Civil War, Military History and War, Americana and many more such areas. We have many items pertaining to ideology, whether it be conservatism, libertarianism, free market economics, socialism, or communism, including many congressional reports on communist activities. We also have quite a few reference books, especially bibliographies.

Visit Seller's Storefront

Seller's business information

Sessions Book Sales
AL, U.S.A.

Sale & Shipping Terms

Terms of Sale

AbeBooks processes payments throiugh the use of bank and credit cards; this is for both orders received from customers residing in the US as well as customers from outside the US. We do not have separate credit card services. If you would like to use some other means for paying for your purchases we accept Paypal, checks, cash and money orders (applies to US residents). For international orders we accept Paypal, American currency (cash) and International Postal Money Orders, all in American doll...

More Information

Shipping Terms

Orders usually ship within 2 business days. If your book order is heavy or oversized, we may contact you to let you know extra shipping is required. For orders to residents in the US, we have a standard media mail fee of $3.99, with $1 per book for each additional item. Standard priority shipping is $7.35, with an additional $2 for each additional item added to the order. We will include insurance on any purchase amounting to $50 or more. In terms of packaging, we generally use several layers of packaging to protect the items from damage. In some cases we will add cardboard or boxes for additional protection. Most book orders weigh roughly one to three pounds, except in the cases where multiple books are ordered. With regard to orders destined for addresses outside the US, we offer two choices--international first class and international priority. The weight limit on international first class is four pounds. If your order weighs more than four pounds or otherwise does not fit with US Postal Service regulations then your only other option is international priority. Concerning priority shipping, the rate charged varies from one country to the next. Items that are heavier or otherwise larger than normal will of course cost more to ship. We will advise you of any potential increases in shipping rates before proceeding any further with fulfillment with your order.

Shipping rates within U.S.A.

Shipping rates within U.S.A.
Order quantity	5 to 14 business days	3 to 6 business days
First item	US$ 4.35	US$ 9.90

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.