Public Debt and J.S. Mill’s Conjecture: A Note

Titolo Rivista: HISTORY OF ECONOMIC THOUGHT AND POLICY
Autori/Curatori: Lefteris Tsoulfidis
Anno di pubblicazione: 2013 Fascicolo: 2 Lingua: Italiano
Numero pagine: 10 P. 93-102 Dimensione file: 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.

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Lefteris Tsoulfidis, Public Debt and J.S. Mill’s Conjecture: A Note in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 2/2013, pp 93-102, DOI: 10.3280/SPE2013-002005