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 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. The book is co-authored with Richard Wagner, a respected colleague of Buchanan, whom Buchanan recognized as helping to keep the book free of polemics and on target with its central purpose of applying the elementary theory of public choice. James M. Buchanan is an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and is considered one of the greatest scholars of liberty in the twentieth century. The entire series will include: Volume 1: The Logical Foundations of Constitutional Liberty Volume 2: Public Principles of Public Debt Volume 3: The Calculus of Consent Volume 4: Public Finance in Democratic Process Volume 5: The Demand and Supply of Public Goods Volume 6: Cost and Choice Volume 7: The Limits of Liberty Volume 8: Democracy in Deficit Volume 9: The Power to Tax Volume 10: The Reason of Rules Volume 11: Politics by Principle, Not Interest Volume 12: Economic Inquiry and Its Logic Volume 13: Politics as Public Choice Volume 14: Debt and Taxes Volume 15: Externalities and Public Expenditure Theory Volume 16: Choice, Contract, and Constitutions Volume 17: Moral Science and Moral Order Volume 18: Federalism, Liberty, and the Law Volume 19: Ideas, Persons, and Events Volume 20: Indexes

Democracy in Deficit: The Political Legacy of Lord Keynes

Business & Money

Wagner, Richard E.

Buchanan, James M.

Economics

Emerald Group Pub Ltd

"The simple exchange of apples and oranges between two traders—this institutional model is the starting point for all that I have done," writes Buchanan. "Contrast this with the choice between apples and oranges in the utility-maximizing calculus of Robinson Crusoe. [This is] what most economists do." James M. Buchanan has always seemed an outsider—to establishment America, to the political values of modern academia, and to the orthodoxies of his parent discipline. Yet in addition to earning the Nobel Memorial Prize in Economics in 1986, he is recognized as the theoretical inspiration for much of the Reagan era's economic philosophy, the father of public choice theory, and a powerful exponent of libertarian ideals. Bluntly honest and always engaging, these twelve autobiographical essays recount and clarify the major influences on the unusual intellectual career of one of our most gifted and insightful thinkers. And his career has been unusual, for there have been few Nobel Laureates who have emerged from the genteel poverty of the rural South and fewer still who hoe their own cabbages. Equally down-to-earth, Buchanan's personal essays provide a unique perspective on how tradition, family, chance, and scholarship came together to shape his career.

Better than Plowing and Other Personal Essays

Biographies & Memoirs

Professionals & Academics

University of Chicago Press

"As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book—and learn them well. It can save them from serious errors."—William J. Baumol, Journal of Economic Literature

Cost and Choice: An Inquiry in Economic Theory (Midway Reprints Series)

"The Limits of Liberty is concerned mainly with two topics. One is an attempt to construct a new contractarian theory of the state, and the other deals with its legitimate limits. The latter is a matter of great practical importance and is of no small significance from the standpoint of political philosophy."—Scott Gordon, Journal of Political Economy James Buchanan offers a strikingly innovative approach to a pervasive problem of social philosophy. The problem is one of the classic paradoxes concerning man's freedom in society: in order to protect individual freedom, the state must restrict each person's right to act. Employing the techniques of modern economic analysis, Professor Buchanan reveals the conceptual basis of an individual's social rights by examining the evolution and development of these rights out of presocial conditions.

The Limits of Liberty: Between Anarchy and Leviathan

History

"The Limits of Liberty is concerned mainly with two topics. One is an attempt to construct a new contractarian theory of the state, and the other deals with its legitimate limits. The latter is a matter of great practical importance and is of no small significance from the standpoint of political philosophy."—Scott Gordon, Journal of Political Economy James Buchanan offers a strikingly innovative approach to a pervasive problem of social philosophy. The problem is one of the classic paradoxes concerning man's freedom in society: in order to protect individual freedom, the state must restrict each person's right to act. Employing the techniques of modern economic analysis, Professor Buchanan reveals the conceptual basis of an individual's social rights by examining the evolution and development of these rights out of presocial conditions.

The Consequences of Mr. Keynes: An Analysis of the Misuse of Economic Theory for Political Profiteering, With Proposals for Constitutional Discipline

Transatlantic Arts

Europe's Constitutional Future

Politics & Social Sciences

Politics & Government

Institute of Economic Affairs (IEA)

The public finances: An introductory textbook (The Irwin series in economics)

R.D. Irwin

Irwin-Dorsey

Book has barely any visible signs of shelf wear, and only a partial gap between the pages and cover towards the bottom of spine, but is in otherwise wonderful condition! All copy is still crisp and clean, with only a couple of pages towards the end that have highlighting. Also, those couple of pages that were highligthed were bent diagonally, likely so that the previous owner could find this section of the book easier. Has name of previous owner on cover page. Ships fast! 100% of proceeds go towards promoting literacy in under-served areas of the world.

Public Finances: An Introductory Textbook (Irwin Publications in Economics)

Flowers, Marilyn R.

Richard D.Irwin

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Books by Buchanan, James M.