Democracy in Deficit: The Political Legacy of Lord Keynes
Автор:James M. Buchanan, Richard E. Wagner Год: 1977 Издание:Emerald Group Publishing Limited Страниц: 208 ISBN: 0121388506 "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...
