CADI and Humanitas launches book of Richard e. Wagner and James Buchanan, "democracy in deficit. The legacy of Lord Keynes, "an application of the theory of public choice in macroeconomic policy.

James Buchanan received the Nobel Prize in economics for the development of the theory of public choice and constitutional election. Theory of public choice and constitutional choice theory explain ordinary political behavior and choices between sets of constitutional rules with the tools of science.

Richard e. Wagner is Professor of Economics at George Mason University, with contributions in the field of public finance and public choice theory.

Democracy in deficit and fiscal policies analyses monetary choices based on the assumption that economic science characteristic of each individual, even when attending public election process (individual voter in his quality, expert, central banker, politician) is chasing its own interest. If you have an opportunity, people with collective choices form pregnant private networks of interests that thrive on account of ill-informed agents, poorly organized and diffuse, in damage to the public interest. Macroeconomic phenomena (inflation rate, unemployment rate, GDP) self-organizing on this game. Starting from this assumption, public choice theory has a remarkable success.

Public choice theory denies his default assumption Keynes as economists watch the public interest and that politicians and central bankers offers tips that will be adopted automatically.

Democracy in deficit, in the translation of R Rosales appeared in freedom Culture collection coordinated by Valeriu Stoica and Dragos Paul Eugene.

Electronic version in English is in free access in the Liberty Fund's library.