Book of Donmon Teith

This paper considers an economy in which policymakers with different preferences concerning fiscal policy alternate in office as a result of democratic election

This timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance:

Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies