Titlebook: Macroeconomic Policy and Public Choice; David Kiefer Book 1997 Springer-Verlag Berlin Heidelberg 1997 Depression.Inflation.Intervention.Ke

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A Historical Introduction,e decided that it would not put up with deflation-the price that capitalism has always had to pay for its periodic excesses. What the US wanted was a President who would “do something.” And doing something meant preventing the country from going through the wringer.

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Social Choice,idealized market society there would be a need for social choice and a role for government. The citizens must collectively ratify their laissez faire regime with a constitution affirming individual property rights and the legitimacy of contracts. They might wish to redistribute initial endowments. T

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Fiscal and Monetary Policy, are to be known as .; similarly changes in the money stock are known as .. An implication of the theory developed in Chap. 4 is that government spending, tax rates and the money supply can all be effective tools for the control of aggregate real output and the rate of inflation. In that chapter we

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Keynesian Business Cycles,many countries experienced a succession of recessions during the reign of laissez faire in the nineteenth century. Some historians focus on external shocks; and booms and recessions have certainly associated with shocks such as wars, or oil price rises. Some economists believe that the term “cycle”

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Government Debt, Deficit and Social Security,apital stock leads to an eventual efficiency loss.. Long-term public debt thus creates a burden on future generations. However, national emergencies, investment opportunities and intergenerational altruism are several reasons why rational voters and their governments may issue public debt. Debt allo

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