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Democracy in Deficit: The Political Legacy of Lord Keynes

James M. Buchanan, Richard E. Wagner. Democracy in Deficit: The Political Legacy of Lord Keynes Authors:James M. Buchanan, Richard E. Wagner.
Publisher:Emerald Group Publishing Limited
Year:1977
Serie:
Pages:208
Sizes:
Price:14592 rub.
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Book Summary:
"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, ďThe 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.Ē "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, Buchananís 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 Buchananís lifelong fiscal and monetary rules to guide long-term policy in macroeconomics. The book serves to...

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