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American Federalism : How Well Does It Support Lady Liberty?

Wagner, Richard E. - 2013

if, indeed, it does matter, and for whom it might matter are the types of questions this paper explores. Federalism is … turns out that the pro-liberty quality of federalism is a possible but not a necessary feature of federalism. This essay … explores this two-edged quality of federalism to discern more clearly the relation between federalism and liberty …

Persistent link: https://www.econbiz.de/10013073882

Institutionalized Bailouts and Fiscal Policy : Consequences of Soft Budget Constraints

Fink, Alexander; Stratmann, Thomas - 2013

States have soft budget constraints when they can expect a bailout by the federal government in the event of a financial crisis. This gives rise to incentives for unsound state fiscal policy. We test whether states with softer budget constraints have higher debts and deficits, receive more...

Persistent link: https://www.econbiz.de/10014200345

Constitutional Reform, Rent Extraction, and Economic Development in China

Congleton, Roger D. - 2011

This paper analyzes the constitutional history of China, with the aim of explaining how and why the policies that produced its rapid growth came to be adopted. The paper argues that constitutional reforms played important roles in China's economic development and are likely to do so in the...

Persistent link: https://www.econbiz.de/10014175221

Design vs. Emergence in a Theory of Federalism : Toward Institutional Reconciliation

Wagner, Richard E. - 2015

It is common to think of federalism as a governmental arrangement that entails competition among governments. Thinking … governments. A genuinely competitive federalism must thus be designed in such a fashion as to mirror the workings of a … competitive federalism requires …

Persistent link: https://www.econbiz.de/10013026969

Perpetual Crisis in the Tax State

Wagner, Richard E. - 2011

The term “tax state” originated in a controversy between Rudolf Goldscheid and Joseph Schumpeter over the treatment of Austria's public debt in the aftermath of World War I and the dissolution of the Austro-Hungarian Empire. Goldschied asserted that this debt represented a crisis for a state...

Persistent link: https://www.econbiz.de/10013118788

Gordon Tullock's Scholarly Legacy : Extracting It from Buchanan's Shadow

Wagner, Richard E. - 2017

Thinking was Gordon Tullock's primary interest in life. He let his thinking roam widely and creatively over his many fields of interest; moreover, Tullock is widely recognized for the robust and creative quality of this thought. He left a valuable legacy. All the same, I think the value of that...

Persistent link: https://www.econbiz.de/10012943490

The Origins of Public Choice and Virginia Political Economy : What Might Arthur Lovejoy Have Thought?

Wagner, Richard E. - 2015

Drawing inspiration from Ross Emmett's (2006) imaginative construction of what Frank Knight might have thought about the Stigler-Becker formulation of Die Gustibus, I ask what Arthur Lovejoy (1936) might have thought about the origin of public choice. He would surely have denied that public...

Persistent link: https://www.econbiz.de/10013010541

Fiscal Crisis as Failure of Progressivist Democracy

Wagner, Richard E. - 2015

The American system of political economy surely faces a fiscal crisis illustrated by but not limited to a trend of growing deficits and debt that cannot continue. What can’t continue won’t continue. In what fashion change occurs will be governed by forthcoming interactions between power and...

Persistent link: https://www.econbiz.de/10014136830

Deconstructing Public Debt : Who Owes What to Whom?

Wagner, Richard E. - 2021

This essay memorializes Giuseppe Eusepi contribution to political economy by refining the theme he and I set forth in 2017 in Public Debt: An Illusion of Democratic Political Economy. There, we claimed that it was illusory to describe democratic governments as being indebted. We did not advance...

Persistent link: https://www.econbiz.de/10013227329

Default Without Capital Account : The Economics of Municipal Bankruptcy

Moberg, Lotta - 2014

This paper analyzes the concept of municipal bankruptcy in a comparative framework with commercial bankruptcy. Cities are corporate bodies that continue to exist despite the ever changing identities of the residents. The common designation of cities as municipal corporations suggests an affinity...

Persistent link: https://www.econbiz.de/10013063810

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