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Purpose and Prologue

In: Public Net Worth

Author

Listed:
  • Ian Ball
  • Willem Buiter
  • John Crompton
  • Dag Detter
  • Jacob Soll

Abstract

Balance sheets and accounting have long been central to human decision-making. Yet governments place little importance on understanding or managing their balance sheets. To consider the implications of this requires a wide-ranging approach. This should encompass history, which offers perspectives on how we got to our current situation and on potential solutions; accounting, which provides a framework for allocating resources and measuring the outputs they produce; demographics, which determines the future costs of meeting modern expectations for public services. Taken together, these disciplines can offer us an understanding of long-term government financial sustainability; of how governments can improve the efficiency with which they manage assets and liabilities; of intergenerational fairness. The challenges are greatest for highly developed economies—represented by the G7. The consequences of failure will be momentous for the global economic system.

Suggested Citation

  • Ian Ball & Willem Buiter & John Crompton & Dag Detter & Jacob Soll, 2024. "Purpose and Prologue," Springer Books, in: Public Net Worth, chapter 1, pages 3-15, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-44343-5_1
    DOI: 10.1007/978-3-031-44343-5_1
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