Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices
Author:   Richard E. Wagner (George Mason University, Virginia)
Publisher:   Cambridge University Press
ISBN:  

9781108735896


Pages:   75
Publication Date:   30 May 2019
Format:   Paperback
Availability:   Manufactured on demand   Availability explained
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Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices


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Overview

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.

Full Product Details

Author:   Richard E. Wagner (George Mason University, Virginia)
Publisher:   Cambridge University Press
Imprint:   Cambridge University Press
Dimensions:   Width: 22.90cm , Height: 0.50cm , Length: 15.20cm
Weight:   0.300kg
ISBN:  

9781108735896


ISBN 10:   1108735894
Pages:   75
Publication Date:   30 May 2019
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand   Availability explained
We will order this item for you from a manufactured on demand supplier.

Table of Contents

1. Monarchies, democracies, and indebtedness; 2. Political presuppositions and the theory of public finance; 3. Taxes as prices – a useful but corruptible simile; 4. From public pricing to fiscal policy – the Keynesian detour; 5. Ecologies, not machines – analytical failures of Macro theories; 6. Calculation and coordination within a political economy; 7. Public debt, systemic lying, and the corruption of contract; 8. From liberal to feudal democracy – Henry Maine reversed; 9. Liberalism and Collectivism – an easily toxic mix.

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