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 argued 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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2685, National Bureau of Economic Research, Inc.
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