The Collected Works of James M. Buchanan. Vol. 2 Public Principles of Public Debt
Vol. 2 of The Collected Works. One of James M. Buchanan’s most important and influential books which is based on the then (1958) radical idea that the burden of debt is not borne by the current generation, but is shouldered in large part by generations still to come.
The Collected Works of James M. Buchanan, vol. 2. Public Principles of Public Debt: A Defense and Restatement, Foreword by Geoffrey Brennan (Indianapolis: Liberty Fund, 1999).
The copyright to this edition, in both print and electronic forms, is held by Liberty Fund, Inc.
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Table of Contents
- Public Principles of Public Debt
- 1.: The Economists and Vulgar Opinion
- 2.: The New Orthodoxy
- “We Cannot Mortgage the Future”
- “The False Analogy”
- Internal and External Debt
- Line and Verse
- The Burden of Transfer
- New Orthodoxy—Old Ideas
- 3.: The Methodology of Debt Theory
- 4.: Concerning Future Generations
- The Analytical Framework
- The Shifting of the Burden to Future Generations
- The Ricardian Approach
- 5.: The Analogy: True or False?
- The Basis of the False Analogy
- The Factual Statements
- The Inferences from the Facts
- The Source of the Error
- Real Balance Effects and the Wealth Illusion7
- Appendix: An Accounting Summary
- 6.: Internal and External Public Loans
- “We Owe It to Ourselves”
- Relevant Alternatives
- Criteria for Choice
- The Transfer Problem
- Sources of Error
- 7.: Consumption Spending, the Rate of Interest, Relative and Absolute Prices
- Debt Creation and Consumption Spending
- The Rate of Interest
- Relative Prices
- The Absolute Price Level
- 8.: A Review of Pre-Keynesian Debt Theory
- Appendix: Public Loans Versus Extraordinary Taxes: The Italian Debate
- 9.: Public Debt and Depression
- 10.: War Borrowing
- 11.: Public Debt and Inflation
- 12.: When Should Government Borrow?
- I.: The Full Employment Model
- When should government spend?
- Public debt and collective choice
- II.: Nonclassical Models
- 13.: Should Public Debt Be Retired?
- The Equity Argument
- Diminishing Marginal Utility
- Debt Retirement and Economic Growth
- 14.: Debt Retirement and Economic Stabilization
- Retirement of Bank-Held Debt
- Debt Monetization
- Appendix A Suggested Conceptual Revaluation of the National Debt
- I.: Introduction
- II.: The General Measurement Problem as Applied to Private Debt
- III.: Measuring Local Government Debt
- IV.: The National Debt
- V.: How Large Is the National Debt?
- VI.: Treasury Refunding Operations
- VII.: Relation with Simons’ Proposal