|Mause I 279
Government Debt/Brennan: Question: Is it basically acceptable for citizens to give their representatives the opportunity to deficit finance their budgets? (Prerequisite: the Ricardian Equivalence Theorem does not apply; see Terminology/Economic Theories).
Brennan/Buchanan: No: Deficit financing would be systematically used to finance expenditures beyond the desired level and past the tax resistance of citizens. (1) See also Generational Justice/Diamond, Equivalence Theorem/Barro.
1. Geoffrey Brennan & James M. Buchanan, The power to tax. Analytical foundations of a fiscal constitution. Cambridge 1980._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
James A. Buchanan
The power to tax. Analytical foundations of a fiscal constitution Cambridge 1980
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