The political economy of public debt
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]
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|Source:||Constitutional Political Economy|
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