Public Debt and J.S. Mill’s Conjecture: A Note
AbstractClassical economists mainly Smith, Ricardo and J.S. Mill abhorred public debts because of their interference with capital accumulation. J.S. Mill in particular envisaged that a rising public debt leads to higher interest rates and falling real wages, a combination which may be consistent with a mildly increasing trend in the profit rate.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44777.
Date of creation: 02 Feb 2011
Date of revision: 04 Mar 2013
Classical Εconomists; Public Debt; J.S. Mill; Ricardian Equivalence;
Other versions of this item:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
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- Barro, Robert J, 1974.
"Are Government Bonds Net Wealth?,"
Journal of Political Economy,
University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
- Robert J. Barro, 1988.
"The Ricardian Approach to Budget Deficits,"
728, Queen's University, Department of Economics.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2010.
"From Financial Crash to Debt Crisis,"
NBER Working Papers
15795, National Bureau of Economic Research, Inc.
- Buchanan, James M, 1976. "Barro on the Ricardian Equivalence Theorem," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 337-42, April.
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