Elements in Austrian Economics: Public Debt as a Form of Public Finance: Overcoming a Category Mistake and its Vices
- Wagner, Richard E.
- Cambridge University Press
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.
|Extent||75 pages, Worked examples or Exercises; 4 Line drawings, unspecified||ISBN||9781108735896|
|Format||N/A||Published||30 May 2019|
|Availability||In Stock - 3 to 5 days||Delivery||Delivery options and charges|