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Public Debt as a Form of Public Finance

Richard E. Wagner
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      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.
      Format: CONTRIBUTORS: Richard E. Wagner EAN: 9781108735896 COUNTRY: United Kingdom PAGES: WEIGHT: 300 g HEIGHT: 152 cm
      PUBLISHED BY: Cambridge University Press DATE PUBLISHED: 2019-05-30 CITY: GENRE: BUSINESS & ECONOMICS / Economics / General WIDTH: 229 cm SPINE:

      Book Themes:

      Economic theory and philosophy, Public finance and taxation

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      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.
      Format: CONTRIBUTORS: Richard E. Wagner EAN: 9781108735896 COUNTRY: United Kingdom PAGES: WEIGHT: 300 g HEIGHT: 152 cm
      PUBLISHED BY: Cambridge University Press DATE PUBLISHED: 2019-05-30 CITY: GENRE: BUSINESS & ECONOMICS / Economics / General WIDTH: 229 cm SPINE:

      Book Themes:

      Economic theory and philosophy, Public finance and taxation

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