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The political economy of public debt

Brennan, H Geoffrey

Description

Public debt (as opposed to current taxation) alters the inter-temporal pattern of tax rates-it reduces current rates and increases future rates. Accordingly, whether the share of the cost of a given public expenditure is reduced or increased by debt for a given individual depends on the time profile of that individual's income (tax base) vis-à-vis others' incomes. Therefore, given the age-profile of income in virtually all Western countries, individuals will tend to be better off under current...[Show more]

CollectionsANU Research Publications
Date published: 2012
Type: Journal article
URI: http://hdl.handle.net/1885/69983
Source: Constitutional Political Economy
DOI: 10.1007/s10602-012-9124-5

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