IEA masters of modern economics
1 total work
In "Constitutional Economics", James Buchanan examines three aspects of the role of government. He reappraises the function of government in the supply of money and therefore in the conduct of the economy of free society and aims to show that the main political legacy of the Keynesian revolution in macroeconomics has been the collapse of the previously accepted and tacit "fiscal constitution" which acted as a restraint on governments. Because Keynesian economics departed so radically from this course, Buchanan argues, it has become vulnerable to public choice analysis. That public choice as a new branch of political economy has profound relevance not only for academia but also for policy-makers in public life is demonstrated by the stimulating writings of Professor Buchanan and his associates in this book.