Edward Lopez, professor of economics and BB&T Distinguished Professor of Capitalism at Western Carolina University, has an article in the current issue of the Journal of Institutional Economics.
Co-written with Peter T. Calcagno, professor of economics at the College of Charleston, the article is titled “Informal Norms Trump Formal Constraints: The Evolution of Fiscal Policy Rules in the United States,” published by Cambridge University Press. “We look at political-economic history to understand today’s federal budget situation,” Lopez said. “Whether today’s policymakers intend or realize it, the evolution of informal and formal fiscal rules continues to shape today’s fiscal policy outcomes.”
The article appears in a special issue of the journal memorializing Douglass C. North, the 1993 Nobel Prize winner for economic sciences for his work on institutional economics. He died in November 2015. To read it, go to https://www.cambridge.org/core/journals/journal-of-institutional-economics/issue/8A23F63D325B002FEC81508D9AA31223.
A shorter version of the article appeared as “Tracing the Roots of Today’s Fiscal Policy, How Systematic Deficits Got Their Start,” also co-written with Calcagno. To see it, go to https://www.mercatus.org/publication/tracing-roots-today-s-fiscal-policy.