The Democracy in Deficit

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Democracy in Deficit represents a significant early effort to integrate public-choice analysis into macroeconomic theory and policy. Robert D. Tollison notes in the foreword that the book's main objective was to scrutinize Keynesian economics through the lens of public-choice theory, revealing a tendency toward deficits driven by political self-interest. This work laid the groundwork for contemporary studies on political business cycles and the role of public-choice considerations in macroeconomic discourse. Buchanan's influential ideas have shifted modern theorists away from the previously dominant Keynesian perspective, emphasizing the importance of fiscal and monetary rules for sustainable policy. The book advocates for a balanced-budget amendment to the U.S. Constitution and promotes monetary rules over central bank discretion. Co-authored with Richard Wagner, the text maintains focus and avoids polemics, aligning with its core purpose of applying public-choice theory. James M. Buchanan, a Nobel laureate in Economic Sciences, is celebrated as a leading scholar of liberty in the twentieth century. This work is part of a comprehensive series exploring various aspects of public choice and economics.