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Public Debt as a Form of Public Finance

Public Debt as a Form of Public Finance

Overcoming a Category Mistake and its Vices

Richard E. Wagner

Cambridge University Press
Publication date : 2019-05-30

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Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action.

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About the book

Author

Richard E. Wagner

Imprint

Cambridge University Press

Collection

n.c

Publication date

2019-05-30

Pages

n.c

Print ISBN

9781108735896

Language

English

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9781108621793

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£18.99

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File size 788 Ko

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9781108758338

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File size 2355 Ko

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Richard E. Wagner

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