Buchanan, James M., Wagner, Richard E. Democracy in Deficit: The Political Legacy of Lord Keynes, Vol. 8. (Liberty Fund Inc. 2000)



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I What Happened?


1 What Hath Keynes Wrought?

The Political Economy

A Review of the Record

The Theory of Public Choice

Fiscal and Monetary Reform


2 The Old-Time Fiscal Religion

Classical Fiscal Principle

Fiscal Practice in Pre-Keynesian Times

Balanced Budgets, Debt Burdens, and Fiscal Responsibility

Fiscal Principles and Keynesian Economic Theory

The Fiscal Constitution


3 First, the Academic Scribblers

"Classical Economics," a Construction in Straw?

The Birth of Macroeconomics

The New Role for the State

The Scorn for Budget Balance

The New Precepts for Fiscal Policy

Budget Deficits, Public Debt, and Money Creation

The Dreams of Camelot


4 The Spread of the New Gospel


Passive Imbalance

Built-in Flexibility

Hypothetical Budget Balance

Monetary Policy and Inflation

The Rhetoric and the Reality of the Fifties

Fiscal Drag

The Reluctant Politician

Political Keynesianism: The Tax Cut of 1964

Economists, Politicians, and the Public

Functional Finance and Hypothetical Budget Balance


5 Assessing the Damages


The Summary Record

Budget Deficits, Monetary Institutions, and Inflation

Inflation: Anticipated and Unanticipated

Why Worry about Inflation?

Inflation, Budget Deficits, and Capital Investment

The Bloated Public Sector

International Consequences

Tragedy, Not Triumph


II What Went Wrong?


6 The Presuppositions of Harvey Road


The Presuppositions of Harvey Road

The Economic Environment of the "General Theory"

Strings Can Be Pulled

The Great Phillips Trade-off

Post-Keynes, Post-Phillips

Reform through National Economic Planning


7 Keynesian Economics in Democratic Politics


Budgetary Management in an Unstable Economy

Taxing, Spending, and Political Competition

Unbalanced Budgets, Democratic Politics, and Keynesian Biases

Deficit Finance and Public Sector Bias


8 Money-Financed Deficits and Political Democracy


Budget Deficits Financed by Money Creation

Benevolent and Independent Monetary Authority

The Political Environment of Monetary Policy

The American Political Economy, 1976 and Beyond


9 Institutional Constraints and Political Choice


The Public Economy and the Private

Fiscal Perception and Tax Institutions

Debt-Financed Budget Deficits

Money-Financed Budget Deficits

Institutions Matter


III What Can Be Done?


10 Alternative Budgetary Rules

Budget Balance over the Cycle

Built-in Flexibility

Budget Balance at Full Employment

The Budget Reform Act of 1974

Short-Term Politics for Long-Term Objectives


11 What about Full Employment?


Current Unemployment and the Quandary of Policy

The Keynesian Theory of Employment

The Inflation-Unemployment Trade-off

The Inflation-Unemployment Spiral

Biting the Bullet

So, What about Full Employment?


12 A Return to Fiscal Principle

The Thrill Is Gone

The Case for Constitutional Norms

The Case for Budget Balance

Fiscal Decisions under Budget Balance

Tax Rates and Spending Rates as Residual Budget Adjustors

A Specific Proposal

Debt Retirement and Budget Surplus

In Summation

Author Index

Subject Index




List of Articles
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