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The Problem of Public Debt in Pre-Keynesian Economic Thought

100%
Babczuk A.
Ekonomista
|
2008
|
issue 6
777-797
EN
Managers of public finances and thinkers were interested in public debt long time before economic theory started to be formulated. Initially negative attitude to public debt was a consequence of theological criticism of financial usury. For the first time public debt as instrument of public finance management was accepted by mercantilists. In first half of 19th century most economists, especially representatives of the English liberal school, were strong against creation of public debt. One of the first economist who justified temporary public credit was C.F. Bastable. In the second half of 19th century public debt was accepted by representatives of historical school. They argued with neoclassical economists, who were against the practice of incurring public debt.
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