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

Lefteris Tsoulfidis ()

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Classical Εconomists; Public Debt; J.S. Mill; Ricardian Equivalence (search for similar items in EconPapers)
JEL-codes: B12 B50 H63 N43 (search for similar items in EconPapers)
Date: 2011-02-02, Revised 2013-03-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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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 (2012)
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