Public Debt and J.S. Mill’s Conjecture: A Note
Classical 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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Volume (Year): 2013/2 (2013)
Issue (Month): 2 ()
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- 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.
- Barro, Robert J., 1974.
"Are Government Bonds Net Wealth?,"
3451399, Harvard University Department of Economics.
- 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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