Introduction and Overview

Abstract

AbstractThis is the introduction and overview chapter of the book. Section 1.1 starts with the choice of the book’s topic – why the book focuses on the budget stabilization role of government and on the subnational level, state governments in the USA, and then it specifies two groups of readers of the book, researchers and practitioners. Section 1.2 places the budget stabilization role of subnational governments under the public choice perspective to set the stage for the book. It starts with the “norm of budget balance” as illustration, and then it links boom-year savings to the public choice theory. Section 1.3 offers an overview of the 12 chapters and an appendix chapter (altogether 13 chapters); it also mentions the contribution of the book as well as its limitations.KeywordsPublic ChoiceBudget BalanceEconomic CyclePublic BudgetOutstanding DebtThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.