James M. Buchanan on Public-Debt Finance
By Jerry H. Tempelman
This article appeared in the Winter 2006/07 issue of The Independent Review.
Long before it became popular to do so, Nobel laureate economist James M. Buchanan championed the idea that public debt slows economic growth and unfairly burdens future generations of taxpayers. His support for a constitutional balanced-budget amendment, which he sees as a simple application of his prize-winning theory of public choice, has yet to gain wide acceptance.
Banking and FinanceEconomic PolicyEconomistsEconomyFederal Budget PolicyFederal Tax PolicyFiscal Policy/DebtPhilosophy and ReligionPublic ChoiceTaxes and Budget