"The Myth of the Idle Rich"
Two on (over) regulation

"Democracy, Deficit, and Debt: Buchanan and Wagner's classic."

"Keynesian economics changed all this by constructing an intellectual justification for viewing the federal budget as a tool for managing the economy rather than a constraint under which politicians operate.  Keynesianism argued that in recessions budget deficits could stimulate aggregate demand and lead to recovery, while in good times surpluses would both prevent excessive growth and pay back the debt.

"This idea, known as “functional finance,” looks good on the blackboard but has a fatal flaw."

Comments