Public Finance in Democratic Process is James M. Buchanan's monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance.Buchanan 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:
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Public Finance in Democratic Process is James M. Buchanan's monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance.Buchanan 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: Analysis of market failure in the provision of public goods.The insistence on conceiving policy decisions as the outcome of political processes.The necessity of treating the tax and expense sides of the budget as interconnected.Echoing 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
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