Les dettes publiques nécessaires, un point de vue keynésien

Henri Sterdyniak

Revue française d'économie, 2023, vol. XXXVIII, issue 2, 83-113

Abstract: In advanced countries, high public debts are necessary as financial capitalism induces a structural demand deficit; debts are no cost as long as interest rates are below the growth rate. They satisfy the need of households and financial institutions for a risk-free asset. Their financing must always be guaranteed by the Central Bank. Their sustainability is not problematic as long as fiscal policy remains flexible. European treaties paralyzing fiscal policies should be challenged. Reducing public debt would require rethinking income distribution and boosting investment.

Date: 2023
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