Public Debt as a Form of Public Finance : Overcoming a Category Mistake and its Vices Paperback / softback
Part of the Elements in Austrian Economics series
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.
- Format: Paperback / softback
- Pages: 75 pages, Worked examples or Exercises; 4 Line drawings, unspecified
- Publisher: Cambridge University Press
- Publication Date: 30/05/2019
- Category: Economic theory & philosophy
- ISBN: 9781108735896