Public Debt as a Form of Public Finance
Overcoming a Category Mistake and its Vices
Series: Elements in Austrian Economics;
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Product details:
- Publisher Cambridge University Press
- Date of Publication 30 May 2019
- ISBN 9781108735896
- Binding Paperback
- No. of pages70 pages
- Size 152x229x5 mm
- Weight 300 g
- Language English
- Illustrations 4 b/w illus. 0
Categories
Short description:
The language of public debt is an ideological language, not a scientific language that clarifies the practice of public finance.
MoreLong description:
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.
MoreTable of Contents:
1. Monarchies, democracies, and indebtedness; 2. Political presuppositions and the theory of public finance; 3. Taxes as prices - a useful but corruptible simile; 4. From public pricing to fiscal policy - the Keynesian detour; 5. Ecologies, not machines - analytical failures of Macro theories; 6. Calculation and coordination within a political economy; 7. Public debt, systemic lying, and the corruption of contract; 8. From liberal to feudal democracy - Henry Maine reversed; 9. Liberalism and Collectivism - an easily toxic mix.
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