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Democracy in Deficit: The Political Legacy of Lord Keynes
Abstract
Democracy in Deficit opened the door for much of the current work on political business cycles and the incorporation of public-choice considerations into macroeconomic theory. Even in the area of monetarism, Buchanan's landmark work has greatly influenced the sway of contemporary theorists away from the nearly universally held belief of Keynesian theory. Democracy in Deficit contributes greatly to Buchanan's lifelong fiscal and monetary rules to guide long-term policy in macroeconomics. The book serves to bolster Buchanan's central beliefs in the necessity of a balanced-budget amendment to the US Constitution and in monetary rules rather than central bank discretion.
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Citations
Cited by
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DiMaggio, P., Braithwaite, V., & Levi, M. (1999) · Contemporary Sociology · doi:10.2307/2655590 · Cited by 377
Environmentally significant behavior in the home
Stern, P. C. (2008) · The Cambridge Handbook of Psychology and Economic Behaviour · doi:10.1017/cbo9780511490118.015 · Cited by 50
Modelling central bank behaviour in Nigeria:A Markov-switching approach
Ayinde, T. O., Bankole, A. S., & Adeniyi, O. (2020) · Central Bank Review · doi:10.1016/j.cbrev.2020.11.001 · Cited by 6
Metadata
- Authors
- McKenzie, R. B., Buchanan, J. M., & Wagner, R. E.
- Venue
- The Journal of Economic Education
- Publisher
- JSTOR
- Published
- 1977
- Volume
- 8
- Issue
- 2
- Pages
- 136
- ISSN
- 0022-0485 (ISSN-L)
- OpenAlex
- W2002414240
- Cited by
- 1,055
- References
- 0
- FWCI
- 28.61
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Democracy in Deficit: The Political Legacy of Lord Keynes. https://app.cochat.ai/papers/10.2307/1182640
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- McKenzie, R. B., Buchanan, J. M., & Wagner, R. E. (1977). Democracy in Deficit: The Political Legacy of Lord Keynes. The Journal of Economic Education. https://doi.org/10.2307/1182640
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
