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Buchanan and the writing of Public Principles of Public Debt

Alain Marciano

Journal of Public Finance and Public Choice2025https://doi.org/10.1332/25156918y2024d000000017article
ABDC C
Weight
0.37

What the paper says

This article examines how James Buchanan came to write Public Principles of Public Debt , his first sole-authored book. We explore the evolution of Buchanan’s views on public debt, particularly his rejection of the three central propositions of what he called the “new orthodoxy.” We show how he initially recognized the significance of Ricardian equivalence (the relationship between taxes and loans), later rejected it, and ultimately criticized the analogy between private and public debt. Our analysis draws on a draft paper titled “Taxes versus Loans. Variations on a Ricardian Theme,” tracing Buchanan’s gradual intellectual development and the factors that influenced his theory of public debt. This study not only clarifies Buchanan’s thinking process but also sheds light on the formation of Public Principles of Public Debt , contributing to a better understanding of its economic content.

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https://doi.org/https://doi.org/10.1332/25156918y2024d000000017

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@article{alain2025,
  title        = {{Buchanan and the writing of Public Principles of Public Debt}},
  author       = {Alain Marciano},
  journal      = {Journal of Public Finance and Public Choice},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1332/25156918y2024d000000017},
}

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.