The moral of public debt

Marcos Fernandes Gonçalves da Silva ()

Brazilian Journal of Political Economy, 1998, vol. 18, issue 2, 241-259

Abstract: This paper deals with the moral dimension of the public debt and its theoreticalreference is constitutional economics. It is argued that the main reason to the existence ofany moral link between public debt and ethics is the transference of costs to future generations.Firstly, the article explores James Buchanan’s public debt analysis. Secondly, is describedin the paper the neoclassical point of view about the matter. The main purpose here isto establish, starting from the positive point of view and passing through- out a normativeone, the role of a deontological analysis of the debt burden. After this, I make the linkagebetween institutions, incentives’ schemes and debt. JEL Classification: H63; D72; D73.

Keywords: Public debt; public debt structure; constitutional economics; public choice; political economy (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ekm:repojs:v:18:y:1998:i:2:p:241-259:id:1133

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