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THE CONSEQUENCES OF MR KEYNES.pdf - Institute of Economic ...

THE CONSEQUENCES OF MR KEYNES.pdf - Institute of Economic ...

CONTENTS PREFACE Arthur

CONTENTS PREFACE Arthur Seldon 7 THE AUTHORS IO SIGNIFICANCE: The importance of the proposals for the British Reader between pp. 45-46 PART I: DEMOCRACY AND KEYNESIAN CONSTITUTIONS: POLITICAL BIASES AND ECONOMIC CONSEQUENCES James M. Buchanan and Richard E. Wagner I I A. Visions ofthe Economic Order: Classical and Keynesian 13 From Classical stability to Keynesian instability 13 B. The Idealised Environment for Keynesian Economic Policy 14 Keynes's defective assumptions 16 C. Keynesian Presuppositions, Democratic Politics, and Economic Policy 18 Market and political competition: similarities and essential differences 18 Budgets: political gains and losses 19 (i) Budget surpluses and democratic politics 20 (ii) Budget deficits and democratic politics 22 (iii) Keynesian economics in political democracy 23 D. The Destructive, Self-fulfilling Character of the Keynesian Political Biases 24 Hayek's analysis of the impact of inflation 26 E. Conclusion 27 PART II: KEYNES'S LEGACY TO GREAT BRITAIN: 'FOLLY IN A GREAT KINGDOM' 29 John Burton A. Britain's Changing Fiscal History 31 The pre-Keynesian budgetary record 31 The Keynesian budgetary record 33 The displacement hypothesis 35 [3]

B. The Pre-Keynesian British Fiscal Constitution 36 The conventions of the fiscal constitution in 19th-century Britain 37 The cohesion and functioning of the British 19th-century fiscal constitution 39 The establishment ofthe balanced-budget rule in 19th-century Britain 41 The pressures towards excessive expenditure and deficit finance in the 19th century 44 C. The Presuppositions of John Maynard Keynes 47 (1) 'The public interest' 47 (2) The philosopher-king hypothesis ofthe British ruling elite 48 (3) The elite's power of persuasion 49 The Bloomsbury View 49 The dentist model of the economic adviser 50 D. The Keynesian British Fiscal Constitution—in Theory 51 (i) Meade 52 (ii) Dalton 53 (iii) Kaldor 54 Conclusion 55 E. The Keynesian British Fiscal Constitution—in Reality 56 Keynesian presuppositions v. Whitehall/ Westminster realpolitik 57 F. The Failure of Remedial Measures 61 Plowden and PESC, 1961: an attempt at reform 61 The crisis measures of 1976 67 A conversion ofthe policy-makers? 69 An evaluation of the prospects 70 The November 1977 'reflation' 72 G. Conclusion: 'Folly in a Great Kingdom' 73 PART III: CONSTITUTIONAL OPTIONS FOR FISCAL CONTROL 77 J. M. Buchanan, J. Burton and R. E. Wagner A. Fatalism v. Reform 79 Force the helmsman to stop fiddling with the tiller? 80 [4]

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