"In short, if Buchanan's argument was that liberal demands for an ever expanding welfare state would lead to chronic deficits, history has shown him to be wrong. If the argument is that the desire for tax cuts and increased military spending, coupled with macroeconomic mismanagement, could lead to large deficits, there is a strong case."
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Nobel laureates from the United StatesLibertarians from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from Tennessee
Original Language: English
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Dean Baker, "Rewriting History: James Buchanan and the National Debt" (2013)
https://en.wikiquote.org/wiki/James_M._Buchanan
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James M. Buchanan
James McGill Buchanan, Jr. (3 October 1919 – 9 January 2013) was an American economist known for his work on public choice theory, who was awarded the 1986 Nobel Prize in Economics.
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