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.
Volume (Year): 2013/2 (2013)
Issue (Month): 2 ()
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3451399, Harvard University Department of Economics.
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