Democracy in Deficit: The Political Legacy of Keynes.

£350 · Offered by Maggs Bros Ltd

‘Democracy in Deficit is one of the early comprehensive attempts to apply the basic principles of public-choice analysis to macroeconomic theory and policy. 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’ (Online Library of Liberty). According to Robert D. Tollison in his foreword to Vol. 8 of Buchanan’s Collected Works, ‘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’.

• Year: 1977

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