The Public Debt as Seen by the Classical Economists

In: International social science journal: ISSJ, Band 39, Heft 1, S. 97-108

Abstract

A discussion of public debt from a historical perspective, focusing on the analyses developed by classical economists. The history of public debt is traced & problems addressed by classical economists are described as similar to those of today. The opinions of Charles Montesquieu, Adam Smith, Alexis de Tocqueville, & David Ricardo regarding public debt are analyzed & related to current conditions. The relevance of the eighteenth- & nineteenth-century economic theories for today's problems is evaluated. F. Rasmussen