Dług publiczny w poglądach Jamesa Buchanana a kryzys zadłużenia na świecie

The global financial and economic crisis revealed threats connected with excessive indebtedness of countries, whose cause came from maintaining of structural deficits. As a consequence, there was a sudden deepening of deficits and jumping growth of indebtedness in the world. Sufficiently deep reforms may, however, restore the confidence of markets. Effectiveness and permanence of those reforms will depend in a large scale on fiscal constraints imposed on governments. One of the advocates of permanent constraints imposed on governments is James Buchanan - one of the most outstanding representative of public choice theory, who was awarded a Nobel Prize in 1986. The aim of this article it to present the views of James Buchanan along with its evolution on public debt issues and the reasons for generating indebtedness as well as a presentation of his proposals of normative nature towards this phenomena.