Public Finance and Public Choice: Two Contrasting Visions of the State (CESifo Book Series) [Hardcover]

James M. Buchanan (Author), Richard A. Musgrave (Author)

Book Description

Series: CESifo Seminar Series | Publication Date: October 22, 1999

In this volume, based on a week-long symposium at the University of Munich's Center for Economic Studies, two leading scholars of governmental economics debate their divergent perspectives on the role of government and its fiscal functions.James M. Buchanan, who was influential in developing the research program in public choice, concentrates on the imperfections of the political process and stresses the need for rules to restrain governmental interference. Richard A. Musgrave, a founder of modern public finance, points to market failures and inequities that call for corrective public policies. They apply their differing economic and political philosophies to a variety of key issues. Each presentation is followed by a response and general discussion.

Editorial Reviews

Review

"Two towering pillars of 20th century public economics examine the deepfoundations of their own thought and their common subject. Who couldresist the chance to eavesdrop on their reflections? Certainly not anyonewho cares about the role of government in modern society." Robert M. Solow , Institute Professor Emeritus, MIT

About the Author

James M. Buchanan is University Professor and Advisory General Director of the Center for the Study of Public Choice at George Mason University. He is the 1986 Nobel laureate in Economic Sciences. Richard A. Musgrave is the H. H. Burbank Professor of Political Economy, Emeritus, at Harvard University and Adjunct Professor of Economics at the University of California at Santa Cruz.

Product Details

• Hardcover: 282 pages
• Publisher: The MIT Press (October 22, 1999)
• Language: English
• ISBN-10: 0262024624
• ISBN-13: 978-0262024624
• Product Dimensions: 8.2 x 5.6 x 0.8 inches
• Shipping Weight: 14.7 ounces (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #766,074 in Books (See Top 100 in Books)

Customer Reviews

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20 of 22 people found the following review helpful:

4.0 out of 5 stars Worth reading, but avoids the underlying disagreements, September 26, 2000

By 

Michael Wendt (Vernon Hills, IL USA) - See all my reviews
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This review is from: Public Finance and Public Choice: Two Contrasting Visions of the State (CESifo Book Series) (Hardcover)

I had high hopes for this book; the transcript of a symposium featuring a back-and-forth dialogue of sorts by two leading thinkers in the area of public choice and finance would seem ideal, and as an introduction to the field, it was quite good. Where it fell short is in offering an analysis of the ideas on which the differences between the participants' views lay. Rather, one tended to offer his outlook on, say, the proper redistributive function of a government, or whether brakes on power are best set at the constitutional level, and the other would offer his views. So there was very little in the way of attacking the weak points of each other's arguments directly. Put simply, Buchanan does not trust people in positions of power, while Musgrave does. Buchanan's work usually involves modeling how things work, while Musgrave looks at how he thinks things should be. But there is little exploration of the basis for, for instance, Musgrave's frequent assertions that, well, things tend to be this way and we aren't happy with that so you see we need government intervention. He just goes on, and then when it is Buchanan's turn, he goes on. And the book is rather philosophical in nature; while there is a lot of economics jargon throughout, the overall level is general. It all just seemed a bit too civil.