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    3. Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices

    Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices

    Posted By: arundhati
    Date: 12 Apr 2019 06:42:24
    Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices

    Richard E. Wagner, "Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices"
    2019 | ISBN-10: 1108735894 | 75 pages | PDF | 1 MB

    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.
    UPWARDS