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Public Debt as a Form of Public Finance

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  • Wagner,Richard E.

Abstract

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.

Suggested Citation

  • Wagner,Richard E., 2019. "Public Debt as a Form of Public Finance," Cambridge Books, Cambridge University Press, number 9781108735896.
    • Handle: RePEc:cup:cbooks:9781108735896
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    Cited by:

    1. Richard E. Wagner, 2019. "American Democracy and the Problem of Fiscal Deficits," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 15(2), pages 199-216, December.

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