Fiscal responsibility in constitutional democracy

This volume contains the papers, along with the discussant's re­ marks, presented at a conference on 'Federal Fiscal Responsibility', held at The Homestead, Hot Springs, Virginia, on 26-27 March 1976. Additionally, we, the editors, have included an introductory essay which sets forth some of our background thoughts that in­ formed our organization of the conference and which also de­ scribes some of our reactions to the conference. This conference was sponsored by the Liberty Fund, Inc. of Indianapolis, Indiana, which incorporated this conference into its overall program directed toward the study of the ideals of a free society of responsible individuals. Related to this effort, the Liberty Fund also assisted in supporting research on Democracy in Deficit: The Political Legacy of Lord Keynes, by James M. Buchanan and Richard E. Wagner (New York: Academic Press, 1977). Both Democracy in Deficit and the conference were de­ signed to examine one important aspect of the Liberty Fund's general set of concerns, namely the' way in which political con­ siderations influence the macroeconomic aspects of budgetary policy, thereby, in turn, influencing the future of American liberty and prosperity. We are most grateful to the Liberty Fund for their efforts, and we are pleased that Enid Goodrich, William Fletcher, Neil McLeod, and Helen Schultz of the Liberty Fund were able to attend the conference.

1. Contemporary Democracy and the Prospect for Fiscal Control: Initial thoughts about and Final Reactions to the Conference.- 2. Starving the Leviathan: Balanced Budget Prescriptions Before Keynes.- Comments.- 3. The Decline of the Budget-Balancing Doctrine or How the Good Guys Finally Lost.- Comments.- 4. Keynesianism: Alive, If Not So Well, At Forty.- Comments.- 5 The Political Biases of Keynesian Economics.- Comments.- 6. Congressional Budget Reform: New Decision Structures.- Comments.- 7. The Prospect for a Liberal Democracy.- Comments.