Economics Dictionary of Arguments

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Government debt: Government debt, also known as public debt, refers to the accumulated financial obligations a government owes to creditors, individuals, or institutions. It arises from borrowing to finance expenditures exceeding revenues. Represented by bonds or securities, it reflects the total amount the government owes and is a key indicator of a country's financial health and borrowing capacity. See also Government budget, State, Fiscal policy.
Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

Author Concept Summary/Quotes Sources

James M. Buchanan on Government Debt - Dictionary of Arguments

Mause I 279
Government Debt/Buchanan: Question: Is it basically acceptable for citizens to give their representatives the opportunity to deficit finance their budgets? (Prerequisite: the Ricardian Equivalence Theorem does not apply; see Terminology/Economic Theories
Brennan/Buchanan: No: Deficit financing would be systematically used to finance expenditures beyond the desired level and past the tax resistance of citizens.(1)
>Generational Justice/Diamond, Equivalence Theorem/Barro.
See also BuchananVsBarro.

1. Geoffrey Brennan & James M. Buchanan, The power to tax. Analytical foundations of a fiscal constitution. Cambridge 1980.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconBuchan I
James M. Buchanan
Politics as Public Choice Carmel, IN 2000

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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