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In Policy Challenges and Political Responses, leading public choice scholars confront the most significant problems facing democratic societies at the dawn of the 21st century. Ranging widely across the policy spectrum, this authoritative volume demonstrates the vibrancy and continuing relevance of the public choice research program by applying its ideas and methods to constitution-making in the European Union, terrorism, the growth of government, political campaign finance, vote-counting technologies, participatory democracy, corporate governance, school choice, and tort reform. Essays assessing the present state of the social contract and the enduring tensions between capitalism, socialism, and democracy broaden the book's perspective. The distinguished list of contributors includes James Buchanan, Charles Rowley, Dennis Mueller, Todd Sandler, Randall Holcombe, Michael Munger, Thomas Stratmann, Harold Mulherin, Lawrence Kenny, and Paul Rubin. Edited by two of the editors of the journal Public Choice and as fresh as today's headlines, this volume positions the public choice literature in the context of current events and points its research agenda in new directions. It is a unique and indispensable collection of value to economists, political scientists, political philosophers, and public policymakers.

(cont.) NCAA voting on academic requirements : public or private interest? / Arthur A. Fleisher III, Brian L. Goff, Robert D. Tollison -- Athletics versus academics? Evidence from SAT scores ; Athletics and academics : a model of university contributions / Robert E. McCormick and Maurice Tinsley -- Sports and the efficient markets hypothesis. Beating the spread : testing the efficiency of the gambling market for National Football League games / Richard A. Zuber, John M. Gandar, and Benny D. Bowers -- Efficient markets for wagers : the case of professional basketball wagering / John L. Dobra, Thomas F. Cargill, and Robert A. Meyer -- Sports and labor economics. Information asymmetries in baseball's free agent market / Kenneth Lehn -- Family traditions in professional baseball : an economic interpretation / David N. Laband and Bernard F. Lentz -- Economics of the Professional Golfers' Association tour / Rex L. Cottle -- Sports and income distribution. Crime and income distribution in a basketball economy / Robert E. McCormick and Robert D. Tollison -- Sportometrics : present and future / Brian L. Goff and Robert D. Tollison

1 Analyzing Government -- Two Approaches to Analyzing Government -- The Interest-Group Theory of Government -- Plan of the Study -- Notes -- 2 Questions to be Answered -- Wealth Transfers and Organization Costs -- The "Market" for Wealth Transfers -- What This Analysis Is Not About -- What This Analysis Is About -- Summary -- Appendix: Heterogeneity Begets Wealth Redistribution -- Notes -- 3 The Demand and Supply of Wealth Transfers -- Maximizing the Returns from Legislation in a Bicameral -- Vote Market -- Empirical Evidence from State Legislatures -- Summary -- Notes -- 4 Legislatures as Wage Cartels -- Theory and Preliminary Implications -- A Test of Relative Wage Implications -- Wage Pay and Malfeasance -- Summary -- Notes -- 5 The Outside Earnings of Politicians -- The Market for Legislators -- Empirical Evidence from State Legislatures -- Low Wage Pay as an Entry Barrier in Politics -- Summary -- Notes -- 6 The Supply of Majority Leadership -- Competition for Majority Leadership -- Empirical Evidence from State Legislatures -- Summary -- Notes -- 7 The Determinants of Executive Branch Compensation -- Gubernatorial Compensation -- The Question of Malfeasance -- Summary -- Notes -- 8 Summary, Conclusions, and Future Directions -- Notes -- Name Index.

In this monograph, Professors Wagner and Tollison examine the important question of whether the United States should adopt a constitutional amendment requiring the government to balance its budget. Arguing that the government should be explicit and responsible about how much it spends and how it spends it, they determine that the balanced budget idea is fiscally sound and democratically necessary