Public Finance and Public Choice
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.
—Paul A. Samuelson, Department of Economics, MIT
—Joel Slemrod, Paul W. McCracjen Professor of Business Economics and Public Policy; Director, Office of Tax Policy Research, University of Michigan
—Martin Feldstein, Professor of Economics at Harvard University, and President of the National Bureau of Economic Research
—Robert M. Solow, Institute Professor Emeritus, MIT