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Public Debt and J.S. Mill’s Conjecture: A Note

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Abstract

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.

Suggested Citation

  • Lefteris Tsoulfidis, 2012. "Public Debt and J.S. Mill’s Conjecture: A Note," Discussion Paper Series 2012_03, Department of Economics, University of Macedonia, revised Feb 2012.
    • Handle: RePEc:mcd:mcddps:2012_03
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    File URL: http://aphrodite.uom.gr/econwp/pdf/dp032012.pdf
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    Cited by:

    1. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    2. Tsoulfidis, Lefteris, 2017. "Ricardo’s Theory of Value is Alive and Well in Contemporary Capitalism," MPRA Paper 96491, University Library of Munich, Germany, revised 11 Oct 2019.
    3. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.

    More about this item

    Keywords

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    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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