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Economic Politics in the United States
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This book uses macroeconomic performance to evaluate democratic institutions and processes in the United States. Originally published in 1995, this revised edition gives a more pessimistic assessment than the first did. Employing macroeconomic performance as a lens to evaluate democratic institutions, the author uses public choice and political economy models of political behavior that give room for opportunism on the part of public officials and shortsightedness on the part of voters to see if democratic institutions lead to inferior macroeconomic performance. What has happened since the publication of the first edition to make the conclusions about democratic performance more pessimistic? The author finds that informal institutions of democracy, such as the norm that the federal budget should be balanced, have deteriorated so that performance suffers.
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