Public Debt and J.S. Mill’s Conjecture: A Note
Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Lefteris Tsoulfidis
Publishing Year 2013 Issue 2013/2
Language English Pages 10 P. 93-102 File size 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 codes: B12, B13, B14, B16, H50
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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