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Public Debt and J.S. Mill’s Conjecture: A Note
Journal Title: HISTORY OF ECONOMIC THOUGHT AND POLICY 
Author/s: Lefteris Tsoulfidis 
Year:  2013 Issue: Language: English 
Pages:  10 Pg. 93-102 FullText PDF:  64 KB
DOI:  10.3280/SPE2013-002005
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Classical economists - mainly Smith, Ricardo and J.S. Mill - abhorred public debts because of their interference with capital accumulation. J.S. Mill in particular envisaged that a rising public debt leads to higher interest rates and falling real wages, a combination which may be consistent with a mildly increasing trend in the profit rate.
Keywords: Classical Economists, Public Debt, J.S. Mill, Ricardian Equivalence
Jel Code: B12, B13, B14, B16, H50

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Lefteris Tsoulfidis, in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 2/2013, pp. 93-102, DOI:10.3280/SPE2013-002005

   

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