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Public debt and Covid-19

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  • Jacques Fontanel

    (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes)

Abstract

The morality defined by the political system of the market economy is based on the respect of debt repayment. However, public debt is different and has not to be analysed as a worse management of public resources. Contrary to private agents, State has not, in principle, a limited time horizon and it is possible to repay its debt over long periods by "rolling over its debt". Moreover, public debt helps to regulate the economy in times of crisis. When a Covid-19 arrives, public health becomes the national and international priority and the public debt is a solution to solve both the pandemic and the problems of unemployment, health costs and education gap that it causes. Public debt is an instrument for societal change, with less inequalities, poverty and prercariousness.

Suggested Citation

  • Jacques Fontanel, 2021. "Public debt and Covid-19," Working Papers hal-03322899, HAL.
    • Handle: RePEc:hal:wpaper:hal-03322899
    Note: View the original document on HAL open archive server: https://hal.univ-grenoble-alpes.fr/hal-03322899
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    File URL: https://hal.univ-grenoble-alpes.fr/hal-03322899/document
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    2. Jacques Fontanel, 2021. "Public debt as a political opportunity for national economy," Post-Print hal-03189727, HAL.
    3. Jean-François Guilhaudis & Jacques Fontanel, 2019. "Les effets « pervers » de l’usage du PIB pour la décision politique et les relations internationales," Post-Print hal-02197761, HAL.
    4. Eric Brunat & Jacques Fontanel, 2021. "La science économique comme idéologie. La science de gestion comme viatique de l’actionnaire," Post-Print hal-03232720, HAL.
    5. Jacques Fontanel, 2021. "La dette publique, un fardeau pour les générations futures ?," Post-Print hal-03209358, HAL.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    inequalities; precariouness; Covid-19; pandemic; public debt; Pandémie; dette publique; inégalités; précarité.;
    All these keywords.

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