The paper presents the views of Buchanan on making collective fiscal decisions in conditions of simple majority, of the usefulness function of the politicians, bureaucrats and lobbies and the myopia in the behavior of the electors. He draws the conclusion that the fiscal decisions are...

The fiscal–monetary policy mix has been used as anticyclical tools in the stabilization policy. In the làst 10-15 years, the monetary policy became neutral and the fiscal policy transformed into pro-cyclical. As a result, large budget deficit emerged during the economic boom, which required...

The fiscal–monetary policy mix has been used as anticyclical tools in the stabilization policy. In the làst 10-15 years, the monetary policy became neutral and the fiscal policy transformed into pro-cyclical. As a result, large budget deficit emerged during the economic boom, which required...