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The Economics of Budget Deficits
The International Library of Critical Writings in Economics Series 153
The Economics of Budget Deficits provides a comprehensive overview of the scholarly literature exploring the causes and consequences of deficit spending and the public debt. Incorporating classical, Keynesian and public choice analyses of debt-financed public expenditures, the two volumes contain major theoretical and empirical contributions to the debate. They cover such critical fiscal policy issues as the history and measurement of budget deficits, the question of who bears the burden of the public debt, the use of deficits to solve problems of dynamic policy inconsistency and the relative effectiveness of fiscal rules and constitutional constraints as mechanisms for achieving budget balance. The editors provide an authoritative introduction to the two volumes and separate overviews of each of the seven parts. The Economics of Budget Deficits is an indispensable reference for all scholars and students interested in fiscal policy and for all policymakers.
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`. . . a valuable resource for anyone interested in public finance issues. The editors have pulled together the most important and influential articles in the field. From Adam Smith to the present, the two-volume set is a comprehensive guide to the budget deficit debate.' -- Daniel J. Mitchell, Public Choice