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

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  • Tsoulfidis, Lefteris

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.

Suggested Citation

  • Tsoulfidis, Lefteris, 2011. "Public Debt and J.S. Mill’s Conjecture: A Note," MPRA Paper 44777, University Library of Munich, Germany, revised 04 Mar 2013.
    • Handle: RePEc:pra:mprapa:44777
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    References listed on IDEAS

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    1. Barro, Robert J, 1989. "The Ricardian Approach to Budget Deficits," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 37-54, Spring.
    2. Lefteris Tsoulfidis, 2024. "Competing Schools of Economic Thought," Springer Studies in the History of Economic Thought, Springer, edition 2, number 978-3-031-58580-7, June.
    3. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
    5. Philip Mirowski, 1982. "Adam Smith, Empiricism, and the Rate of Profit in Eighteenth-Century England," History of Political Economy, Duke University Press, vol. 14(2), pages 178-198, Summer.
    6. Buchanan, James M, 1976. "Barro on the Ricardian Equivalence Theorem," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 337-342, April.
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    Cited by:

    1. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    2. Tsoulfidis, Lefteris, 2017. "Ricardo’s Theory of Value is Alive and Well in Contemporary Capitalism," MPRA Paper 96491, University Library of Munich, Germany, revised 11 Oct 2019.
    3. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.

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    More about this item

    Keywords

    Classical Εconomists; Public Debt; J.S. Mill; Ricardian Equivalence;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913

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