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- Author: Richard E Wagner
- Publisher: Cambridge University Press
- ISBN-10: 1108735894
- ISBN-13: 9781108735896
- Format: 15.2 x 22.9 x 0.4 cm, softcover
- Language: English
- SAVE -10% with code: EXTRA
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Description
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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- Author: Richard E Wagner
- Publisher: Cambridge University Press
- ISBN-10: 1108735894
- ISBN-13: 9781108735896
- Format: 15.2 x 22.9 x 0.4 cm, softcover
- Language: English English
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.
Reviews