About this title:
Vol. 4 of The Collected Works. Public Finance in Democratic Process is James M. Buchanan’s monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance. The underlying principles of this seminal work are: an analysis of market failure in the provision of public goods; the insistence on conceiving policy decisions as the outcome of political processes; and the necessity of treating the tax and expense sides of the budget as interconnected.
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