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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.
- Format: Pocket/Paperback
- ISBN: 9781108735896
- Språk: Engelska
- Antal sidor: 75
- Utgivningsdatum: 2019-05-30
- Förlag: Cambridge University Press