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Public Debt as a Form of Public Finance

by Richard E. Wagner
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Current price ₹2,289.00
Original price ₹2,747.00
Original price ₹2,747.00
Original price ₹2,747.00
(-17%)
₹2,289.00
Current price ₹2,289.00

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Book cover type: Paperback
  • ISBN13: 9781108735896
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Cambridge University Press
  • Publisher Imprint: Cambridge University Press
  • Publication Date:
  • Pages: 70
  • Original Price: GBP 18.0
  • Language: English
  • Edition: N/A
  • Item Weight: 105 grams
  • BISAC Subject(s): Economics / General

Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action.

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