Democracy In Deficit

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Product Details

  • ISBN-13: 9780121388508
  • Publisher: Emerald Group Publishing Limited
  • Publication date: 10/1/1997
  • Pages: 208
  • Product dimensions: 0.63 (w) x 6.00 (h) x 9.00 (d)

Table of Contents

Preface ix
Acknowledgments xi
I What Happened?
1 What Hath Keynes Wrought? 3
The Political Economy 4
A Review of the Record 5
The Theory of Public Choice 6
Fiscal and Monetary Reform 8
2 The Old-Time Fiscal Religion 9
Classical Fiscal Principle 9
Fiscal Practice in Pre-Keynesian Times 11
Balanced Budgets, Debt Burdens, and Fiscal Responsibility 14
Fiscal Principles and Keynesian Economic Theory 19
The Fiscal Constitution 21
3 First, the Academic Scribblers 23
"Classical Economics," a Construction in Straw? 24
The Birth of Macroeconomics 27
The New Role for the State 28
The Scorn for Budget Balance 30
The New Precepts for Fiscal Policy 31
Budget Deficits, Public Debt, and Money Creation 31
The Dreams of Camelot 34
4 The Spread of the New Gospel 37
Introduction 37
Passive Imbalance 38
Built-in Flexibility 40
Hypothetical Budget Balance 41
Monetary Policy and Inflation 42
The Rhetoric and the Reality of the Fifties 43
Fiscal Drag 46
The Reluctant Politician 47
Political Keynesianism: The Tax Cut of 1964 48
Economists, Politicians, and the Public 50
Functional Finance and Hypothetical Budget Balance 51
5 Assessing the Damages 55
Introduction 55
The Summary Record 56
Budget Deficits, Monetary Institutions, and Inflation 58
Inflation: Anticipated and Unanticipated 59
Why Worry about Inflation? 61
Inflation, Budget Deficits, and Capital Investment 64
The Bloated Public Sector 69
International Consequences 71
Tragedy, Not Triumph 72
II What Went Wrong?
6 The Presuppositions of Harvey Road 77
Introduction 77
The Presuppositions of Harvey Road 78
The Economic Environment of the "General Theory" 81
Strings Can Be Pulled 82
The Great Phillips Trade-off 85
Post-Keynes, Post-Phillips 87
Reform through National Economic Planning 89
7 Keynesian Economics in Democratic Politics 93
Introduction 93
Budgetary Management in an Unstable Economy 94
Taxing, Spending, and Political Competition 96
Unbalanced Budgets, Democratic Politics, and Keynesian Biases 98
Deficit Finance and Public Sector Bias 103
8 Money-Financed Deficits and Political Democracy 107
Introduction 107
Budget Deficits Financed by Money Creation 108
Benevolent and Independent Monetary Authority 111
The Political Environment of Monetary Policy 114
The American Political Economy, 1976 and Beyond 121
9 Institutional Constraints and Political Choice 125
Introduction 125
The Public Economy and the Private 126
Fiscal Perception and Tax Institutions 127
Debt-Financed Budget Deficits 134
Money-Financed Budget Deficits 142
Institutions Matter 144
III What Can Be Done?
10 Alternative Budgetary Rules 147
Budget Balance over the Cycle 148
Built-in Flexibility 149
Budget Balance at Full Employment 151
The Budget Reform Act of 1974 156
Short-Term Politics for Long-Term Objectives 158
11 What about Full Employment? 161
Introduction 161
Current Unemployment and the Quandary of Policy 161
The Keynesian Theory of Employment 164
The Inflation-Unemployment Trade-off 166
The Inflation-Unemployment Spiral 168
Biting the Bullet 170
So, What about Full Employment? 171
12 A Return to Fiscal Principle 173
The Thrill Is Gone 173
The Case for Constitutional Norms 175
The Case for Budget Balance 176
Fiscal Decisions under Budget Balance 177
Tax Rates and Spending Rates as Residual Budget Adjustors 178
A Specific Proposal 180
Debt Retirement and Budget Surplus 181
In Summation 182
Author Index 187
Subject Index 191
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