A gadfly with clout. (James Buchanan) (column)

U.S. News & World Report | December 15, 1986| | Copyright

A gadfly with clout

James McGill Buchanan, winner of this year's Nobel Prize for economics, and nearly every politician in Washington agree that huge, seemingly permanent budget deficits aren't good for the country. Yet deficits continue to pile up--a record $221 billion in the fiscal year that just ended--and Buchanan is not the least surprised. "It's natural for our political agents to create deficits unless there are strong rules that keep them from doing so,' he says. Politicians are neither bad nor stupid. Quite the contrary, says Buchanan--they're just like ...

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