Debt and Deficits

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Debt and Deficits

9781852784195 Edward Elgar Publishing
Edited by Lakis C. Kaounides, Queen Mary, University of London and Geoffrey E. Wood, Professor of Economics, Cass Business School, City of London University and University of Buckingham, UK
Publication Date: 1992 ISBN: 978 1 85278 419 5 Extent: 1,400 pp
Debt and deficits are considered by some to be a major economic problem, indeed one that threatens the stability of the US economy with serious, possibly catastrophic, consequences for the world economy. What is it that leads some countries into large and continuing budget or trade deficits? This invaluable three volume reference collection provides a major contribution to current debates by bringing together two centuries of experience, concern, theorizing and policy making over the role and management of public sector debt and deficit.

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Debt and deficits are considered by some to be a major economic problem, indeed one that threatens the stability of the US economy with serious, possibly catastrophic, consequences for the world economy. What is it that leads some countries into large and continuing budget or trade deficits? This invaluable three volume reference collection provides a major contribution to current debates by bringing together two centuries of experience, concern, theorizing and policy making over the role and management of public sector debt and deficit.
Contributors
68 articles, dating from 1820 to 1990
Contributors include: D. Ricardo, A.H. Hansen, A.P. Lerner, J.R. McCulloch, E.J. Mishan, F. Modigliani
Contents
Volume I

PUBLIC DEBT AND CLASSICAL POLITICAL ECONOMY

Acknowledgements
Introduction

PART I: RICARDO ON THE NATIONAL DEBT

1. David Ricardo (1951-2), various articles from The Works and Correspondence of David Ricardo, edited by Piero Sraffa.
2. Pier Francesco Asso and Emilio Barucci (1988), ‘Ricardo on the National Debt and Its Redemption: Some Notes on an Unpublished Ricardian Manuscript.’
3. R.O. Roberts (1942), ‘Ricardo's Theory of Public Debts.’


PART II: McCULLOCH ON RICARDO AND THE NATIONAL DEBT

4. David Ricardo (1952), The Works and Correspondence of David Ricardo, Letters, VIII, edited by Piero Sraffa.
5. J.R. McCulloch (1853), ‘Sketch of the Life and Writings of David Ricardo, Esq MP.’
6. J.R. McCulloch (1820), ‘Expediency and Practicability of Mr Ricardo's Plan for Paying Off the National Debt.’
7. J.R. McCulloch (1823), ‘The Funding System: British Finances.’
8. J.R. McCulloch (1827), ‘Reduction of the Public Debt.’
9. J.R. McCulloch (1828), ‘The Best Method of Funding.’

Name Index


Volume II

DEFICIT FINANCE, THE NEW ECONOMICS AND THE DISSENTERS

Acknowledgements

PART I: THE NEW ORTHODOXY

1. David McC. Wright (1941), ‘The Economic Limit and Economic Burden of an Internally Held National Debt.’
2. Alvin H. Hansen (1941), ‘The Growth and Role of Public Debt.’
3. Alvin H. Hansen and Guy Greer (1942), ‘The Federal Debt and the Future: An Unflinching Look at the Facts and Prospects.’
4. B.U. Ratchford (1942), ‘The Burden of a Domestic Debt.’
5. Abba P. Lerner (1943), ‘Functional Finance and the Federal Debt.’
6. David McC. Wright (1943), ‘Mr Ratchford on the Burden of a Domestic Debt: Comment.’
7. Seymour E. Harris (1943), ‘Postwar Public Debt.’
8. Alvin H. Hansen (1944), ‘Moulton's "The New Philosophy of Public Debt": A Reply.’
9. Evsey D. Domar (1944), ‘The "Burden of the Debt" and the National Income.’
10. Seymour E. Harris (1947),The National Debt and the New Economics, pp 1-20, 51-71, 91-102, 152-158, 258-270, 276-278.
11. A.C. Pigou (1947), ‘The Place of Loans other than War Loans in Public Finance.’
12. Abba P. Lerner, ‘The Burden of the National Debt.’
13. Jeese Burkhead (1954), ‘The Balanced Budget.’
14. J.E. Meade (1958), ‘Is the National Debt a Burden?’
15. J.E. Meade (1959), "Is the National Debt a Burden?: A Correction.’
16. Richard A. Musgrave (1959), ‘Classical Theory of Public Debt.’

PART II: THE CHALLENGE TO THE NEW ORTHODOXY

17. James M. Buchanan (1960), ‘"La Scienza Delle Finanze": The Italian Tradition in Fiscal Theory.’
18. James M. Buchanan (1958), Public Principles of Public Debt;: A Defense and Restatement, pp v-x, 1-3, 4-20, 31-47, 48-65.
19. Abba P. Lerner (1959). ‘Book Review of James M. Buchanan's Public Principles of Public Debt : A Defense and Restatement,.’
20. William G. Bowen, Richard G. Davis and David H. Kopf (1960), ‘The Public Debt: A Burden on Future Generations ?’
21. Abba P. Lerner (1961), ‘The Burden of Debt.’
22. William Vickrey, Tibor Scitovsky and James R. Elliott (1961), ‘The Burden of the Public Debt: Comment.’
23. William G. Bowen, Richard G. Davis and David H. Kopf (1961), ‘The Burden of the Public Debt: Reply.’
24. William G. Bowen, Richard G. Davis and David H. Kopf (1962), ‘The Distribution of the Debt Burden: A Reply (to Lerner).’
25. Hans Neisser (1961), ‘Is the Public Debt a Burden on Future Generations?’
26. Carl S. Shoup (1962), ‘Debt Financing and Future Generations.’
27. Franco Modigliani (1961),‘Long Run Implications of Alternative Fiscal Policies and the Burden of the National Debt.’
28. E.J. Mishan (1963), ‘How to Make a Burden of the Public Debt.’
29. Franco Modigliani (1964), ‘How to Make a Burden of the Public Debt: A Reply to Mishan.’
30. James M. Buchanan (1964), ‘Confessions of a Burden Monger.’
31. John C. Hause (1964), ‘Comment on How to Make a Burden of the Public Debt.’
32. E.J. Mishan (1964), ‘The Burden of the Public Debt: A Rejoinder.’
33. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model.’

Name Index


Volume III

DEBT NEUTRALITY AND THE THEORY OF FISCAL POLICY 1970s TO 1990s

Acknowledgements

PART I: RICARDIAN EQUIVALENCE: ROBERT BARRO AND HIS CRITICS

1. Robert J. Barro (1974), ‘Are Government Bonds Net Wealth?’
2. James M. Buchanan (1976), ‘Barro on the Riccardian Equivalence Theorem.’
3. Martin Feldstein (1976), ‘Perceived Wealth in Bonds and Social Security: A Comment.’
4. Robert J. Barro (1976), ‘Reply to Feldstein and Buchanan.’
5. Gerald P. O'Driscoll Jr. (1977), ‘The Ricardian Nonequivalence Theorem.’
6. Willem H. Buiter and James Tobin (1979), ‘Debt Neutrality: A Brief Review of Doctrine and Evidence.’
7. H. Geoffrey Brennan and James M. Buchanan (1986), ‘The Logic of the Ricardian Equivalence Theorem.’
8. James Tobin (1980), ‘Government Deficits and Capital Accumulation.’
9. Luigi L. Pasinetti (1989), ‘Ricardian Debt/Taxation Equivalence in the Kaldor Theory of Profits and Income Distribution.’

PART II: EMPIRICAL INVESTIGATIONS OF RICARDIAN EQUIVALENCE

10. Roger C. Kormendi (1983), ‘Government Debt, Government Spending and Private Sector Behavior.’
11. Franco Modigliani and Arlie Sterling (1986), ‘Government Debt, Government Spending and Private Sector Behavior: Comment.’
12. James R. Barth, George Iden and Frank S. Russek (1986), ‘Government Debt, Government Spending and Private Sector Behavior: Comment.’
13. B. Douglas Bernheim (1987), ‘Ricardian Equivalence: An Evaluation of Theory and Evidence’ with three ’Comments.’
14. Martin Feldstein and Douglas W. Elmendorf (1990), ‘Government Debt, Government Spending and Private Sector Behavior Revisited: Comment.’
15. Franco Modigliani and Arlie G. Sterling (1990), ‘Government Debt, Government Spending and Private Sector Behavior: A Further Comment.’
16. Roger C. Kormendi and Philip Meguire (1990), ‘Government Debt, Government Spending and Private Sector Behavior: Reply and Update.’
17. Daniel L. Thornton (1990), ‘Do Government Deficits Matter?’


PART III: DEBT AND DEFICITS: NEO-CLASSICAL, KEYNESIAN AND RICARDIAN THEORETICAL PERSPECTIVES AND POLICY CONCLUSIONS

18. Willem H. Buiter (1985), ‘A Guide to Public Sector Debt and Deficits.’
19. James Tobin (1986), ‘The Monetary-Fiscal Mix: Long Run Implications.’
20. Robert J. Barro (1989), ‘The Neoclassical Approach to Fiscal Policy.’
21. Janet L. Yellen (1989), ‘Symposium on the Budget Deficit.’
22. Robert J. Barro (1989), ‘The Ricardian Approach to Budget Deficits.’
23. Edward M. Gramlich (1989), ‘Budget Deficits and National Saving: Are Politicians Exogenous?’
24. B. Douglas Bernheim (1989), ‘A Neoclassical Perspective on Budget Deficits.’
25. Robert Eisner (1989), ‘Budget Deficits: Rhetoric and Reality.’
26. Rudiger Dornbusch and Mario Draghi (1990), ‘Introduction’ to Public Debt Management: Theory and History.

Name Index
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