Democracy in Deficit: The Political Legacy of Lord Keynes (Collected Works of James M Buchanan)

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Rare Political Economy Case Study.......2007-01-28

Comprehensive analysis of the political and economic effects of Keynesianism from a public choice perspective. This is an impressive look at the lasting changes in the economic order since Keynes' ideas were adopted by politicians and influential economists alike.

Keynes never supported deficit finance(or functional finance).......2005-06-26

J. M. Buchanan's(JMB)book is completely mistitled and out of date.Nowhere in any of Keynes's writings does Keynes ever advocate a policy of deficit finance,which is actually the brain child of Abba Lerner,a member of the American Keynesian-Neoclassical Synthesis school of economics.Lerner used the term functional finance to describe deficit finance.During a visit to America in 1944 as the representative of England's Treasury Department,Keynes totally disagreed with Lerner's approach.Keynes's approach is an advanced version of the cyclically balanced budget first laid out in clear terms to the Pharaoh by Joseph some 3,700 years ago-build up a surplus in the good years that will cover the deficits of the bad years.This is the first statement of what economists call a countercyclical fiscal policy.Keynes's additional provision is that the budget be split into two categories-one of which would be a capital budget.The government could only run deficits in the provision of capital projects in public infrastructure(building dams,reservoirs,water projects-irrigation networks,seaports,airports,public transportation projects,public schools,colleges and universities,public research laboratories,etc.,)that would pay for themselves in the long run.Nor was Keynes an advocate of tax cuts in an economic downturn except for temporarily suspending the social security tax for workers only.Keynes's major policy recommendation was the maintenance of low interest rates combined with a central bank policy of eliminating loan availability for speculative undertakings(greenmail,leveraged buyouts,hostile takeovers,margin account loans,corporate raiders,junk bonds,etc.).The correct title for JMB's book up until 1981 is"Democracy with minor to moderate deficits:The Political Legacy of the American Keynesian-Neoclassical Synthesis School".After 1981,JMB should have retitled his book as"Democracy and Catastrophic Deficits:The Political Legacy of Laffer,Reagan,and the 12 years of the Two Bush Presidencies" .The national debt when President Reagan took office stood at 925 billion dollars.As of July,2005,the national debt will have surpassed 8 trillion dollars.The Libertarian-pseudo conservative policies of tax cuts,borrowing and excessive spending of 8 years of Reagan and 12 years of the two Bush presidencies has increased our national debt by a factor of 9.JMB needs to completely rewrite his book.First,he needs to incorporate the theoretical foundations of the story of Joseph and the Pharaoh from the Old Testament.He will probably need to purchase a bible in order to correctly cite verse and page.Second,he needs to obtain a copy of Keynes's General Theory and read what Keynes actually wrote and not what Henry Hazlitt claims what Keynes meant in his 1959 "Failure of the 'New Economics'".

Public-choice perspective of public debt finance.......2004-10-20

The authors offer two main points of criticism of the Keynesian prescription of deficit spending during recession. They first expose the internal inconsistency of Keynesianism that, if it were true, during an economic recession with slack resources, public spending increases could simply be financed by the creation of money rather than the issuance of interest-bearing debt (pp. 34-35).

More important, however, is the authors' public-choice criticism of Keynesianism. The Keynesian doctrine of deficit spending provided the academic excuse for elected representatives to spend without taxing, thus removing the self-imposed discipline of balanced budgets that had existed prior to the adoption of Keynesianist thinking (p. 4): "The legacy or heritage of Lord Keynes is the putative intellectual legitimacy provided to the natural and predictable political biases toward deficit spending, inflation, and the growth of government" (p. 26).

Keynesianism might perhaps work under a system of benevolent dictatorship, but not in a democratic setting with citizens who are both taxpayers and beneficiaries of public services, professional politicians, political parties and government bureaucracy (pp. 79-80). "Political decisions in the United States are made by elected politicians, who respond to the desires of voters and the ensconced bureaucracy. There is no center of power where an enlightened few can effectively isolate themselves from constituency pressures" (p. 98).

Elected public officials display a bias towards spending public funds on projects that yield tangible benefits to their constituents, and towards not encumbering them with a tax bill to pay for those projects. "The pre-Keynesian norm of budget balance served to constrain spending proclivities so as to keep governmental outlays roughly within the revenue limits generated by taxes. The Keynesian destruction of this norm, without an adequate replacement, effectively removed the constraint. Predictably, politicians responded by increasing spending more than tax revenues, by creating budget deficits as a normal course of events" (pp. 95-96).

Buchanan considers the argument of the book that in a democratic setting there is a bias towards deficit finance "perhaps the single most persuasive application of the elementary theory of public choice" (p. xv). Indeed, the reform proposals introduced, particularly the constitutional balanced budget amendment, are to be thought of as "rules...designed to constrain the short-run expedient behavior of politicians" (p. 9).

This is chronologically the first publication on public debt finance in the Collected Works series where Buchanan has proposed a constitutional balanced budget requirement (pp. 166, 183-184, 187-188). Buchanan, more than anyone else, offers the most persuasive argument for such a requirement, and thus this volume is still worthwhile. But volume 14 in the series (Debt and Taxes) offers a richer variety of papers by Buchanan on the subject of public debt finance, including the constitutional balanced budget amendment.

Democracy in Deficit: The Political Legacy of Lord Keynes

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Democracy in Deficit: The Political Legacy of Lord Keynes
Richard E. Wagner James M. Buchanan
Manufacturer: Academic Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OH4DI4

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Insightful, but Biased Look at the Justice System.......2001-01-26

This book gives a very interesting inside look into the world of criminal defense attorneys. The author gives her unique perspective on the law through stories of several cases she defended. While I found the book very interesting, especially her explanation of the Menendez case, I couldn't help thinking that she was giving only one side of the story and leaving out facts that didn't support her views of defendant's rights. Still, it was very enthralling and hard to put down.

Dull But Intelligent.......2000-07-29

I have always liked the way that Leslie Abramson handles herself as well as being a fairly big fan of her courtroom practices. So, I went into this book with some preconceived biases. Well, they were all proven wrong.

Abramson is an extremely intelligent woman, and an excellent attorney, but her writing, as well as that of Richard Flaste, is quite dry and rather boring. She has some nice stories to tell, but the manner in which she delivers them is undeniably dull.

The book clearly had no cogent flow to it whatsoever. The book was somewhat hard to get through, but I read on, hoping it lead to something better. But, it truly didn't.

I gave the book two stars simply because the information on the cases, and the behind the scenes stuff was pretty interesting. Unfortunately, that is all this book really has to offer you.

State the facts please!.......2000-01-16

I have to question the factuality of the stories written in this book. My family is the subject of one of the stories Leslie chose to discuss in detail within her book. I have to say I was shocked and infuriated to find my family story, including names and a picture sent to Leslie in a Christmas card, printed without our consent or knowledge. After the initial shock I sat down to read the book and was again outraged at the many erroneous facts intertwined in our brief story. I have to wonder if she even looked at our file or if she just tried to pull from memory and/or embelish this brief condensed story of our life. I do not know all the laws governing what you can or can't print in an autobiography, but I would think that if you were writing about other people's lives, you should have to state the facts and be able to substantiate those facts with documentation. I know that the 6 pages of this book dedicated to my life story has so many fabricated and outright false statements, it is impossible for me to read any of the other stories with any degree of faith that what I am reading is the Real story! I would recommend that anyone who reads this book takes it for what it is, an autobiography about Leslie Abramson. Do not read it to understand the subjects of her cases or what the Real facts behind their cases were.

Enough with the ghostwriting.......1997-03-17

Perhaps I'm being anachronistic, but I don't think an autobiography should be written by anyone other than the subject him or herself. If the person doesn't feel up to the job, he should have an authorized biography published with a vignette explaining his involvement in the project. Whatever her reasons, Ms. Abramson's decision to employ Richard Flaste was a big mistake. If she was too lazy to write this book herself, she should have at least taken the time to find a competent writer. Reading this book is like trying to drive across a treacherous bog in a Ferrari. You hope there's something good on the other side but the journey is so needlessly frustrating and unpleasant, you aren't sure if it's worth it. Let me save you some trouble. Even if you had a Range Rover, this journey wouldn't be worth it. My conclusion: for someone who is so assertive and logical in her public speaking, Ms. Abramson has published a very disappointing autobiography

Leslie rules.......1997-01-30

If you ever thought there was more to certain cases than what you saw on tv, irregardless of whether you agree with Abramson's conclusions or not, you owe it to your sense of humanity or cynicism to read this boo

Book Description

The theoretical background of cytogenetics as well as the practical methods to investigate chromosomes from Drosophila to mammals and humans are presented in this book. Theory and practical protocols on the following topics are included: Cell culture methods, chromosome preparation and banding techniques, radioactive and fluorescent in situ hybridisation (FISH) methods and their derivates (chromosome painting), meiotic chromosome methods using light and electronic microscopy, the polytenic (Drosophila) and lampbrush (urodeles) chromosomes as well as flow and slit scan cytometry. The editors, all at INRA, played a prominent part in the development of cytogenetics. Paul Popescu, a specialist for domestic animals worked with gene mapping, Helene Hayes, together with Popescu showed the homology of bovine and human chromosome disorders, and Bernard Dutrilaux focused on human cytogenetics.

Book Description

Five early papers evolve theory that won Einstein a Nobel Prize: "Movement of Small Particles Suspended in a Stationary Liquid Demanded by the Molecular-Kinetic Theory of Heat"; "On the Theory of the Brownian Movement"; "A New Determination of Molecular Dimensions"; "Theoretical Observations on the Brownian Motion"; "Elementary Theory of the Brownian Motion."

Investigations On The Theory Of The Brownian Movement

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Investigations On The Theory Of The Brownian Movement
PH.D Albert Einstein
Manufacturer: E. P. Dutton And Company
ProductGroup: Book
Binding: Hardcover
ASIN: B000NM8VFQ

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Investigations on the Theory of the Brownian Movement

Manufacturer: Dover
ProductGroup: Book
Binding: Paperback
ASIN: B000F62YS0

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Investigations on the Theory of the Brownian Movement
Albert Einstein
Manufacturer: E.P. Dutton
ProductGroup: Book
Binding: Hardcover
ASIN: B000NZSWBQ

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INVESTIGATIONS ON THE THEORY OF THE BROWNIAN MOVEMENT
A D COWPER
Manufacturer: DOVER PUBLICATIONS
ProductGroup: Book
Binding: Hardcover
ASIN: B000S2FCDA

Investigations on the Theory of the Brownian Movement (1956 Reprint from the Complete 1926 Text)

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Investigations on the Theory of the Brownian Movement (1956 Reprint from the Complete 1926 Text)
Albert Einstein
Manufacturer: Dover
ProductGroup: Book
Binding: Paperback
ASIN: B000OVH8NC

Amazon.com

William Golding's classic tale about a group of English schoolboys who are plane-wrecked on a deserted island is just as chilling and relevant today as when it was first published in 1954. At first, the stranded boys cooperate, attempting to gather food, make shelters, and maintain signal fires. Overseeing their efforts are Ralph, "the boy with fair hair," and Piggy, Ralph's chubby, wisdom-dispensing sidekick whose thick spectacles come in handy for lighting fires. Although Ralph tries to impose order and delegate responsibility, there are many in their number who would rather swim, play, or hunt the island's wild pig population. Soon Ralph's rules are being ignored or challenged outright. His fiercest antagonist is Jack, the redheaded leader of the pig hunters, who manages to lure away many of the boys to join his band of painted savages. The situation deteriorates as the trappings of civilization continue to fall away, until Ralph discovers that instead of being hunters, he and Piggy have become the hunted: "He forgot his words, his hunger and thirst, and became fear; hopeless fear on flying feet." Golding's gripping novel explores the boundary between human reason and animal instinct, all on the brutal playing field of adolescent competition. --Jennifer Hubert

Book Description

A group of boys are stranded on an island in the allegorical novel.

The title, William Golding's Lord of the Flies, part of Chelsea House Publishers' Modern Critical Interpretations series, presents the most important 20th-century criticism on William Golding's Lord of the Flies through extracts of critical essays by well-known literary critics. This collection of criticism also features a short biography on William Golding, a chronology of the author's life, and an introductory essay written by Harold Bloom, Sterling Professor of the Humanities, Yale University.

Customer Reviews:

John Welte's Review.......2007-08-18

The Lord of the Flies was a book that I was required to read at the start of tenth grade. When I started reading the book I wasn't interested right away. I thought the book lacked any action, and I couldn't identify with any of the characters, personally. Honestly, I kept reading because of obligation. Eventually I realized it was a good book. Towards the second half of the book the author added action and the characters evolved. Arguments took place among the boys which started fighting and drama. When the story started picking up it had me excited until the very end. Overall, I would recommend this book for anyone looking for a great adventure book.

required reading for teens.......2007-07-08

Like most everyone else, I read this book because it was required reading in ninth or tenth grade. I recently reread it with my thirteen year old son and discussed it with him. For him, as I suspect it would be for most young readers, it was a magnificent introductory illustration of the distinction between the literal and the metaphoric in literature.

Rather "Piggy" then "Fatty" indeed..........2007-07-02

I'll admit i'm a late fan of this novel, never having the enjoyment of being assigned this in school. However i'm pleased in my adult life to possibly have a greater appreciation of it. This is truly a timeless story of the savage within us all and how even without a civilization, all different aspects of a society can be portrayed, even in the innocence of shipwrecked children. Ralph serves as our center, imperfect at best, yet constantly trying to do the greater good. Jack is his id, a leader by worth but not in ideology or action, our ego. Piggy is our brain and conscience, however fragile and annoyingly persistent. Roger is our wrath. An unleashed, unsympathetic, unbridled purely sickening rage. Simon is our curiosity and independence, He carrys our emotions and our feelings.

The story itself begins with Ralph as the elected leader of the group of young children, however, the lead hunter, Jack eventually finds no solice in this decision and it becomes 2 camps at odds on an island. Thats the short version, which does no justice to the complexity of the story nor the incredible imagery given by the author. In this story, children do terrible things to children, yet the degeneration into savages is so gradual you can understand there blind lust for adventure and victory overall else, especially when that same idea has been behind every war known to man.

I titled this review after a line from the novel, because i think it secretly underlined alot of what the story was about. Some Rules may not be fun, but the consequences without are far worse. This can be applied to so many aspects in life. As i think i will carry this with me a long time coming.

Linguistic tour de force.......2007-06-30

As many already know, this book contains a vast number of symbolisms and has many allusions to foreign themes (eg. ideological, other novels, biblical) and ideas. But what is it other than its allegorical and abovementioned quality that makes it remarkable? Here, I attempt to elucidate the work in other aspects other than its dark theme and storyline(which countless other reviews have already touched upon).

One of the strongest qualities of the book is its language. In the story, the sheer vividness of the landscape is written with great intensity, movements are described with precision and in between are interspaced events and dialogue that many times, because certain events are not directly mentioned or written, requires much effort to infer. That is why I suppose many have found it frustrating and a tedium to read.

As an example of description, when Golding describes the waves and how looking towards it sometimes creates a mirage, 'Strange things happened at midday. The glittering sea moved apart in planes...Sometimes, land loomed where there was no land and flicked out like a bubble...'. Despite the work's linguistic difficulty, especially for younger readers, the language is a work of art, and much concentration is required. Younger readers, however, will enjoy the story's quick pace and narrative.

With its combination of linguistic complexity, far reaching symbolism and allegory etc., the strength of this work lies in its depth and power. The bleak, pessimistic portrait of humanity is brought about through the boys and their virgin attempts at civility on a remote island and as the struggle of Ralph and Piggy against Jack and his gang is played out, many philosophical questions are raised. Is humanity innately fallible to primitism? How does society establish order? Does youth affect all this?

All said, Lord of the Flies is a brilliantly bleak, lustrously prosed, deeply discomforting portrait of mankind. No wonder it is recommended reading for so many high schools and colleges.

Note: Lord of the Flies may be a great piece of dystopian work, but there are some which will inevitably exceed it, notably the first two below:
Nineteen Eighty-Four Brave New World Gulliver's Travels (Penguin Classics) Utopia (Penguin Classics) Herland, The Yellow Wall-Paper, and Selected Writings (Penguin Classics)

complete recording of a tedious novel.......2007-06-29

Listening to this novel doesn't improve it. You get the added bonus track of Golding groaning on and on and on about how he got the inspiration for this overly simplistic morality tale. With so much good literature out in the world, if the house catches fire, leave this one behind. Sucks to my as-mar.

Lord of the Flies. A Critical Commentary. Including: The Two Worlds of William Golding (A Study Master Publication, 451)

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Lord of the Flies. A Critical Commentary. Including: The Two Worlds of William Golding (A Study Master Publication, 451)
M.A. Arthur T. Broes
Manufacturer: American R.D.M. Corporation
ProductGroup: Book
Binding: Paperback
ASIN: B000VKH5SO

Product Description

Study Master Critical Commentaries and Analyses of the Lord of the Flies are desinged to help you study and enjoy William Golding's Classic drama. Study Master contains valuable informaion about the author and his work. An extensive bibliography and suggested study topics broaden your understanding and appreciation of William Golding's works. Study Master can be the most valuable supplement to your reading.

Monarch Notes and Study Guide for William Golding's the Inheritors and Free Fall (A critical guide providing complete understanding of the great works and ideas--an in-depth analysis of the form, meaning, and style by means of:, Complete background, plot discussion, novelistic techniques, theme development, characther analysis, survey of criticism, bibliography, essay questions, essay questions, model answers)

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Monarch Notes and Study Guide for William Golding's the Inheritors and Free Fall (A critical guide providing complete understanding of the great works and ideas--an in-depth analysis of the form, meaning, and style by means of:, Complete background, plot discussion, novelistic techniques, theme development, characther analysis, survey of criticism, bibliography, essay questions, essay questions, model answers)
William Golding , and Terence Dewsnap
Manufacturer: Monarch Press
ProductGroup: Book
Binding: Paperback

General | History & Criticism | Literature & Fiction | Subjects | Books
ASIN: B000M7338C

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WILLIAM GOLDING A CRITICAL STUDY
KINKEAD-WEAKES AND GREGOR
Manufacturer: FABER
ProductGroup: Book
Binding: Hardcover
ASIN: B000S37RZK

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William Golding (A Critical Study)
Pralhad A. Kulkarni
Manufacturer: South Asia Books
ProductGroup: Book
Binding: Hardcover

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William Golding, a critical study,
James R Baker
Manufacturer: St. Martin's Press
ProductGroup: Book
Binding: Unknown Binding

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William Golding: A Critical Study
Ian Gregor
Manufacturer: Faber & Faber
ProductGroup: Book
Binding: Paperback

Classics | General | Literature & Fiction | Subjects | Books
ASIN: 0571132596

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William Golding: A Critical Study
Mark Kinkead-Weekes and Ian Gregor
Manufacturer: Harcourt, Brace & World, Inc.
ProductGroup: Book
Binding: Hardcover
ASIN: B000KMW6VY

Monarch Notes for William Golding's Lord of the Flies and the Inheriors Pincher Martin, Free Fall: A critical guide to appreciation of meaning, form, and style (Detailed plot summary, complete background, critical commentary, fiction techniques, theme development, character analysis, survey of criticism, bibliography, essay questions, model answers)

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Monarch Notes for William Golding's Lord of the Flies and the Inheriors Pincher Martin, Free Fall: A critical guide to appreciation of meaning, form, and style (Detailed plot summary, complete background, critical commentary, fiction techniques, theme development, character analysis, survey of criticism, bibliography, essay questions, model answers)
William Golding , and Terrence Dewsnap
Manufacturer: Monarch Press
ProductGroup: Book
Binding: Paperback

General | History & Criticism | Literature & Fiction | Subjects | Books
ASIN: B000M710E6

Golding's Lord of the flies;: A critical commentary, (Bar notes literature study and examination guides)

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Golding's Lord of the flies;: A critical commentary, (Bar notes literature study and examination guides)
James B Scott
Manufacturer: Barrister Pub. Co
ProductGroup: Book
Binding: Unknown Binding

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