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Debt: Dangers of Excess

In: Economics Gone Astray

Author

Listed:
  • Erik Norland
  • Blu Putnam

Abstract

Debt is among the most fundamental and least understood aspects of the macro-economy. The dominant schools of macroeconomic thought — classical, Keynesian and monetarist — pay it inadequate attention. From the perspective of these schools of thought, economies with low levels of debt operate in exactly the same fashion as those with extremely high levels of debt. From their point of view, debt ratios essentially do not matter. The problem with that is in real life, debt levels not only matter, debt burdens influence critical facets of the economy, from the pace of growth to the level of interest rates…

Suggested Citation

  • Erik Norland & Blu Putnam, 2019. "Debt: Dangers of Excess," World Scientific Book Chapters, in: Economics Gone Astray, chapter 2, pages 13-31, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781944659592_0002
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    More about this item

    Keywords

    Economics; Macroeconomics; Monetary Policy; Fiscal Policy; Inflation; Risk Management; Federal Reserve; Quantitative Easing; Taylor Rule;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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