Description: Democracy in Deficit : The Political Legacy of Lord Keynes, Paperback by Buchanan, James M.; Wagner, Richard E., ISBN 0865972281, ISBN-13 9780865972285, Brand New, Free shipping in the US
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 th 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. Th serves to bolster Buchanan’s central beliefs in the necessity of a balanced-budget amendment to the . Constitution and in monetary rules rather than central bank discretion.
Th is co-authored with Richard Wagner, a respected colleague of Buchanan, whom Buchanan recognized as helping to keep th 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.
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Book Title: Democracy in Deficit : The Political Legacy of Lord Keynes
Number of Pages: 223 Pages
Publication Name: Democracy in Deficit
Language: English
Publisher: Liberty Fund, Incorporated
Publication Year: 2000
Subject: Economics / General, Public Policy / Economic Policy, Economics / Theory
Type: Textbook
Item Weight: 13.8 Oz
Subject Area: Political Science, Business & Economics
Author: James M. Buchanan
Item Length: 9 in
Item Width: 6 in
Format: Trade Paperback
