Public Debt and J.S. Mill?s Conjecture: A Note

Lefteris Tsoulfidis ()

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2013, vol. 2013/2, issue 2, 93-102

Abstract: 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.

JEL-codes: B12 B13 B14 B16 H50 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Public Debt and J.S. Mill’s Conjecture: A Note (2013)
Working Paper: Public Debt and J.S. Mill’s Conjecture: A Note (2012)
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