In this book on new fiscal approaches, nineteen experts examine topics ranging from constitutional reform and debt fatigue to fiscal rules and zero-based budgeting. Together, these contributions inform a multifaceted, nuanced argument for the need to formalize spending restraint and redefine state debt to include unfunded liabilities. Scholars will find the book useful as a reference tool explaining how rules-based fiscal policy is used to address debt fatigue and unsustainable spending growth. Legislators and practitioners will find the book useful as a reference source in designing and simulating second generation fiscal rules, and educators will find the book helpful for its close analysis of policies in representative states such as Illinois, New York, New Jersey, Nebraska, and California.

Contributions by: James Broughel, Chris Edwards, Erick M. Elder, Olivia Gonzalez, Randall G. Holcombe, Jeremy Horpedahl, Dwight Lee, Veronica Lucero, John Merrifield, University of Texas, San Antonio, Matthew Mitchell, Anne Philpot, Barry W. Poulson, Thurston Powers, Jonathan Riches, Thomas Savidge, Austill Stuart, Diana W. Thomas, Michael D. Thomas, Gary A. Wagner