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In "The Consequences of Mr. Keynes," James Buchanan and Richard Wagner argue that the "unwritten fiscal constitution" of an annual government balanced budget helped restrain the growth in government, but the Keynesian argument for a balanced budget over the business cycle has freed government and politicians from that restraint. As a result, we now see the problem of "democracy in deficit." Based on the reading and the discussion in class, explain their reasoning. Do you agree? Why?

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Macroeconomics, Economics

Category:- Macroeconomics
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