9781785363375-1785363379-The Political Economy of Public Debt: Three Centuries of Theory and Evidence (New Thinking in Political Economy series)

The Political Economy of Public Debt: Three Centuries of Theory and Evidence (New Thinking in Political Economy series)

ISBN-13: 9781785363375
ISBN-10: 1785363379
Author: Richard M. Salsman
Publication date: 2017
Publisher: Edward Elgar Pub
Format: Hardcover 336 pages
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Book details

ISBN-13: 9781785363375
ISBN-10: 1785363379
Author: Richard M. Salsman
Publication date: 2017
Publisher: Edward Elgar Pub
Format: Hardcover 336 pages

Summary

Acknowledged author Richard M. Salsman wrote The Political Economy of Public Debt: Three Centuries of Theory and Evidence (New Thinking in Political Economy series) comprising 336 pages back in 2017. Textbook and eTextbook are published under ISBN 1785363379 and 9781785363375. Since then The Political Economy of Public Debt: Three Centuries of Theory and Evidence (New Thinking in Political Economy series) textbook was available to sell back to BooksRun online for the top buyback price or rent at the marketplace.

Description

How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? This important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.

The book simultaneously explicates and critiques the most prominent theories concerning why states borrow in the first place, whether or not they borrow productively, the incidence of their debts, why they sometimes borrow too much and why they often default, whether explicitly or implicitly. The author classifies major public debt theorists as pessimists, optimists or realists. This book also examines the influence of regime types, especially why most modern welfare states tend not only to over-issue bonds but also to incur even larger implicit obligations via unfunded, off-balance sheet liabilities.

Scholars and undergraduate and graduate students in economics and political science, as well as policymakers, will find this analysis of public debt and public spending insightful and revealing.

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