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- Title
ELECTIONS, KEYNES, BUREAUCRACY AND CLASS: EXPLAINING U.S. BUDGET DEFICITS, 1961-1978.
- Authors
Hicks, Alexander
- Abstract
The determination of U.S. federal budget deficits and surpluses during a period of Keynesian fiscal activism is modeled in light of relevant social science literatures. Rational-choice emphases upon electoral manipulation of the economy and Keynesian stabilization; Marxian emphases upon monopolization and fiscal control of labor militancy; organizational-decision theory emphases upon budgeting inertia; and a number of additional thrusts from other literatures are supported by time-series regression analyses of 1%! -1978 surpluses/deficits. The final model is statistically well behaved. Analysis of so-called "high-employment" measures of "discretionary's surpluses/deficits supports all Interpretations requiring discretionary policy making, but an indication of "automatic" stabilization emerges as well. A focus upon executive policy-making roles is suggested as one means to further theoretical integration of explanations of state macroeconomic policy.
- Subjects
UNITED States; BUDGET deficits; DEFICIT financing; KEYNESIAN economics; ECONOMIC policy; TIME series analysis; MATHEMATICAL statistics
- Publication
American Sociological Review, 1984, Vol 49, Issue 2, p165
- ISSN
0003-1224
- Publication type
Article
- DOI
10.2307/2095568