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The moral of public debt

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  • Marcos Fernandes Gonçalves da Silva

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.

Suggested Citation

  • Marcos Fernandes Gonçalves da Silva, 1998. "The moral of public debt," Brazilian Journal of Political Economy, Center of Political Economy, vol. 18(2), pages 241-259.
    • Handle: RePEc:ekm:repojs:v:18:y:1998:i:2:p:241-259:id:1133
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1133/1118
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    More about this item

    Keywords

    Public debt; public debt structure; constitutional economics; public choice; political economy;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption

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