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 2013/2
Lingua Inglese 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.

Keywords:Classical Economists, Public Debt, J.S. Mill, Ricardian Equivalence

Jel codes:B12, B13, B14, B16, H50

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  • Ricardo’s Labor Theory of Value Is Alive And Well in Contemporary Capitalism Lefteris Tsoulfidis, in World Review of Political Economy /2021
    DOI: 10.13169/worlrevipoliecon.12.4.0493
  • The History of the Political Economy of Public Debt Nicholas J. Theocarakis, in SSRN Electronic Journal /2014
    DOI: 10.2139/ssrn.2535293
  • Competing Schools of Economic Thought Lefteris Tsoulfidis, pp.77 (ISBN:978-3-031-58579-1)
  • Competing Schools of Economic Thought Lefteris Tsoulfidis, pp.365 (ISBN:978-3-031-58579-1)

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