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Public debt as a form of public finance : overcoming a category mistake and its vices / Richard E Wagner
Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2019
75 pages. : illustrations ; 23 cm.
Ký hiệu phân loại (DDC): 336.34
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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