Part of: The Collected Works of James M. Buchanan in 20 vols. Democracy in Deficit: The Political Legacy of Lord Keynes
Vol. 8 of The Collected Works. 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. The book is co-authored with Richard Wagner.