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

Lefteris Tsoulfidis (lnt@uom.edu.gr)

Discussion Paper Series from Department of Economics, University of Macedonia

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 argued 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. (search for similar items in EconPapers)
JEL-codes: B12 B13 B14 B16 H50 (search for similar items in EconPapers)
Date: 2012-02, Revised 2012-02
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Related works:
Journal Article: Public Debt and J.S. Mill?s Conjecture: A Note (2013)
Working Paper: Public Debt and J.S. Mill’s Conjecture: A Note (2013)
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