{"product_id":"public-finance-in-democratic-process-fiscal-institutions-and-individual-choice-9780865972209","title":"Public Finance in Democratic Process: Fiscal Institutions and Individual Choice","description":"\u003cp\u003e\u003cstrong\u003e\u003cem\u003ePublic Finance in Democratic Process\u003c\/em\u003e\u003c\/strong\u003e is James M. Buchanan's monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance.\u003c\/p\u003e \u003cp\u003eBuchanan is perhaps nowhere more clearly a disciple of the great Swedish economist Knut Wicksell than he is in the underlying principles of this seminal work. Specifically, he elaborates on these three central Wicksellian themes: \u003c\/p\u003e \u003col\u003e \u003cli\u003e \u003cp\u003eAnalysis of market failure in the provision of public goods.\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe insistence on conceiving policy decisions as the outcome of political processes.\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe necessity of treating the tax and expense sides of the budget as interconnected.\u003c\/p\u003e \u003c\/li\u003e \u003c\/ol\u003e \u003cp\u003eEchoing Wicksell's antipathy to the \"benevolent despot\" model of government, Buchanan lays out in this book a starting point for modern public-choice analysis. Recognizing the pathbreaking work he is about to begin, Buchanan opens his preface by stating, \"Fiscal theory is normally discussed in a frame of reference wholly different from that adopted in this book. This dramatic shift of emphasis . . . . requires that I consider the processes through which individual choices are transmitted, combined, and transformed into collective outcomes. Careful research in this area is in its infancy, and the necessary reliance on crude, unsophisticated models underscores the exploratory nature of the work.\"\u003c\/p\u003e \u003cp\u003eAccording to Geoffrey Brennan in the foreword, \"\u003cem\u003ePublic Finance in Democratic Proc\u003c\/em\u003eess is a work more hospitable to public finance orthodoxy and could be treated as an extension (albeit an important one) of the conventional approach.\"\u003c\/p\u003e \u003cp\u003e\u003cstrong\u003eJames M. Buchanan\u003c\/strong\u003e (1919-2013) was an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the greatest scholars of liberty in the twentieth century.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e James M. Buchanan\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Liberty Fund\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 11\/01\/1999\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 310\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.15lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.00h x 6.00w x 1.00d\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9780865972209","brand":"Liberty Fund","offers":[{"title":"Hardcover","offer_id":40431480668275,"sku":"9.78E+12","price":14.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0555\/9255\/0515\/products\/img_f8a4507e-adf3-4853-b9e3-c38113bcda10.jpg?v=1662906144","url":"https:\/\/bookstorenmore.com\/en-de\/products\/public-finance-in-democratic-process-fiscal-institutions-and-individual-choice-9780865972209","provider":"Bookstore N More","version":"1.0","type":"link"}