Beschrijving
Overcoming a Category Mistake and its Vices
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.
Auteur: Richard Wagner
Taal: Engels
Bindwijze: paperback
Rubriek: Economie
Leverbaarheid: Direct leverbaar
Uitgever: Cambridge University Press
Verschijningsdatum: 2019-05-30T00:00:00+02:00
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