David Ricardo on Public Policy: The Question of Motive

1995 ◽  
Vol 17 (1) ◽  
pp. 133-152 ◽  
Author(s):  
Nancy Churchman
Keyword(s):  
Public Debt ◽  
Income Tax ◽  
Napoleonic Wars ◽  
Policy Debate ◽  
The Public ◽  
The Subject ◽  
Military Expenditures ◽  
David Ricardo ◽  
Interest Payments ◽  
Debt Policy

Among the most controversial of David Ricardo's contributions to policy debate was his scheme for the redemption of the public debt by means of a “capital levy,” a one-time tax on the property of the nation. Public debt policy had been the subject of sporadic debate throughout the eighteenth century, but faced increased scrutiny by the time Ricardo came to address the subject. While government revenues were suffering from the repeal of the temporary income tax which had been imposed during the Napoleonic Wars, revenue requirements remained high, as the savings in terms of military expenditures were being offset by the need to make interest payments on a debt which had grown during the latter years of the war. Ricardo's analysis of public debt was not novel; nor was the proposal for a capital levy to achieve its redemption.

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

Paine’s Debt to Hume?

2016 ◽  
Vol 6 (2-3) ◽  
pp. 137-151
Author(s):  
Allan Potofsky
Keyword(s):  
Roman Empire ◽  
Public Debt ◽  
Monetary Policies ◽  
The Public ◽  
Political Sovereignty ◽  
Self Mutilation ◽  
Radical Critique ◽  
The Social ◽  
The Subject ◽  
Wealth Of Nations

It has been famously argued that Tom Paine was not much of an economic thinker. Indeed, in his published work, we see relatively scarce systematic commentary on the subject. But, as befitting his origins in a mercantile family, Paine as a young man had prepared for a career as an excise officer. He later fully participated in a broader Enlightenment conversation about the new world of credit, trade, commercial and monetary policies, among other fiscal issues of early globalization. In particular, Paine formulated a systematic critique of public debt as a compelling way to discuss political sovereignty, the social contract, and the true wealth of nations – among other issues. In 1796, in France, Paine published a critique of wartime funding of the British economy with the publication of The Decline and Fall of the English System of Finance inspired by the title of Gibbon’s The Decline and Fall of the Roman Empire (1776). Paine’s denunciation of the economic self-mutilation caused by British wartime expansionism focused on a reform by the Prime Minister, William Pitt the Younger, who partially privatized the public debt of Britain. The British pound sterling was henceforth sustained by mysterious private loans whose very terms were obscured from public opinion. This article argues that the pamphlet had many parallels to David Hume’s 1752 essay Of Public Debt which Hume revised after the Seven Years War with a radical critique of public debt. The Humean origins of many of Paine’s arguments are manifest in the corrupting nature of public debt tied to military expenditure. To Hume and Paine, gimmicky forms of state borrowing in times of war lead to the bankruptcy of expansionist absolutism and to the eventual “decline and fall” of belligerent empires.

DEBT POLICY RULE, PRODUCTIVE GOVERNMENT SPENDING, AND MULTIPLE GROWTH PATHS: A NOTE

2012 ◽  
Vol 17 (4) ◽  
pp. 947-954 ◽  
Author(s):  
Alexandru Minea ◽  
Patrick Villieu
Keyword(s):  
Public Debt ◽  
Public Investment ◽  
High Growth ◽  
Growth Effect ◽  
The Public ◽  
Long Run ◽  
Endogenous Growth Model ◽  
Productive Government Spending ◽  
Definition Of ◽  
Debt Policy

In a very interesting endogenous growth model, Futagami, Iwaisako, and Ohdoi [Macroeconomic Dynamics 12 (2008), 445–462] study the long-run growth effect of borrowing for public investment. Their model exhibits (i) the multiplicity of balanced growth paths (BGPs) in the long run (two steady states) and (ii) a possible indeterminacy of the transition path to the high-growth BGP. The goal of this note is to show that their results depend on a sharp assumption, namely the definition of the public debt target as a ratio to private capital. If the target is defined in terms of public debt–to–GDP ratio, both results vanish: the model exhibits a unique BGP (no multiplicity) and the adjustment path to this unique equilibrium is determinate (no indeterminacy).

scholarly journals Public Debt as a Problem of the European Union

2014 ◽  
Vol 5 (2) ◽  
pp. 21-34
Author(s):  
Paweł Piątkowski
Keyword(s):  
European Union ◽  
Economic Policy ◽  
Public Debt ◽  
Debt Crisis ◽  
Theoretical Background ◽  
The European Union ◽  
The Public ◽  
Debt Policy

The article is aimed at analyzing the consequences of debt crisis in European Union. Special attention is paid to changes in economic policy. In the first paragraph theoretical background of public debt is presented. In the second paragraph the level of public debt in European Union is compared with other countries. Finally, changes in the public debt policy are presented.

Politökonomische Erklärungen Zum Abbau Der Staatsverschuldung – Eine Erweiterte Perspektive

2004 ◽  
Vol 53 (2) ◽  
Author(s):  
Thomas Döring ◽  
Friedrich Thießen
Keyword(s):  
Public Debt ◽  
Industrial Countries ◽  
Fiscal Constraints ◽  
The Public ◽  
Political Ideologies ◽  
Public Choice Perspective ◽  
Budget Consolidation ◽  
Debt Policy ◽  
Political Decisions

AbstractSince the 1970s many industrial countries constantly accumulated public debt. This was a new phenomenon that had not been observed in the years before. Scientists tried to find explanations and analysed the development mainly from a public choice perspective. In the meantime signs occurred showing that the trend has reversed. Again, it was looked for explanations. Some authors tried to explain the observed shift towards a strategy of budget consolidation with changes in political ideologies and institutions. Others explained the phenomenon with the fiscal constraints which can be a long term consequence of high levels of public debt. However, some important questions remained open. This paper pursues the question whether the change in the public-debt-policy of politicians can be embedded into a broader framework. This broader framework should not only allow to analyze the development of public debt as a result of the debt-related policy of politicians in a narrow sense, but as a result of political decisions relating to government spending and taxation in general, i.e. from a public budget perspective in total.

scholarly journals Of Deficits And Debt Service

2011 ◽  
Vol 1 (1) ◽  
pp. 36
Author(s):  
Thomas J. Pierce
Keyword(s):  
Public Debt ◽  
Reagan Administration ◽  
Cost Of Debt ◽  
The Public ◽  
Budgetary Policy ◽  
Deficit Reduction ◽  
Significant Deficit ◽  
The Impact ◽  
Spending Cuts ◽  
Interest Payments

In this paper the impact of federal government budgetary policy on deficits, the public debt and net interest payments during the Reagan Administration is examined. Large deficits are shown to inflate the public debt and increase the annual cost of debt servicing. This rapidly rising net interest burden, combined with political aversion to legislated tax increases and spending cuts, minimizes the possibility of significant deficit reduction and increases the probability that some form of balanced budget rule eventually will be adopted.

scholarly journals The size and culturability of patient-generated SARS-CoV-2 aerosol

2021 ◽  
Author(s):  
Joshua L. Santarpia ◽  
Vicki L. Herrera ◽  
Danielle N. Rivera ◽  
Shanna Ratnesar-Shumate ◽  
St. Patrick Reid ◽  
...  
Keyword(s):  
Western Blot ◽  
Viral Replication ◽  
Respiratory Protection ◽  
Policy Debate ◽  
Rt Pcr ◽  
The Public ◽  
Transmission Electron ◽  
Three Samples ◽  
The Subject

Abstract Background Aerosol transmission of COVID-19 is the subject of ongoing policy debate. Characterizing aerosol produced by people with COVID-19 is critical to understanding the role of aerosols in transmission. Objective We investigated the presence of virus in size-fractioned aerosols from six COVID-19 patients admitted into mixed acuity wards in April of 2020. Methods Size-fractionated aerosol samples and aerosol size distributions were collected from COVID-19 positive patients. Aerosol samples were analyzed for viral RNA, positive samples were cultured in Vero E6 cells. Serial RT-PCR of cells indicated samples where viral replication was likely occurring. Viral presence was also investigated by western blot and transmission electron microscopy (TEM). Results SARS-CoV-2 RNA was detected by rRT-PCR in all samples. Three samples confidently indicated the presence of viral replication, all of which were from collected sub-micron aerosol. Western blot indicated the presence of viral proteins in all but one of these samples, and intact virions were observed by TEM in one sample. Significance Observations of viral replication in the culture of submicron aerosol samples provides additional evidence that airborne transmission of COVID-19 is possible. These results support the use of efficient respiratory protection in both healthcare and by the public to limit transmission.

Using Calculators on Achievement Tests

1989 ◽  
Vol 82 (5) ◽  
pp. 318-325
Author(s):  
Vena M. Long ◽  
Barbara Reys ◽  
Steven J. Osterlind
Keyword(s):  
Income Tax ◽  
Achievement Tests ◽  
Technological Advances ◽  
The Subject ◽  
Paper And Pencil ◽  
Mathematical Operations ◽  
Interest Payments

The content and emphasis of mathematics programs has been the subject of much discussion in recent years. Such technological advances as the increased availability and use of computers and calculators have caused a tremendous and sudden shift in the mathematical needs of today's citizens. Whereas twenty years ago mathematical operations using paper and pencil were the only means of doing tedious computation, today people use a hand-held calculator or computer to do such tasks as totaling grocery receipts, figuring interest payments, completing income tax forms, and balancing checkbooks.

scholarly journals Sources of financing the activities promoting sport and physical education on the basis of the example of Polish foundations and associations

Management ◽  
2020 ◽  
Vol 24 (2) ◽  
pp. 158-180
Author(s):  
Mariola Mamcarczyk ◽  
Paweł Zieniuk
Keyword(s):  
Physical Education ◽  
Income Tax ◽  
Empirical Studies ◽  
Legal Regulations ◽  
Personal Income Tax ◽  
Main Hypothesis ◽  
The Public ◽  
Public Benefit ◽  
Statistical Hypotheses ◽  
The Subject

SummaryAt present 177 thousand associations and 26 thousand foundations operate in Poland, which are involved in many different areas of public benefit activities and finance their activities from various sources. The paper presents the results of own studies carried out on a sample of 100 public benefit organisations conducting activity in the area of supporting and promoting physical education and sport. The main objective of the paper concerns presentation of the possibilities of acquiring funds by the organisations to carry out the statutory tasks associated with the development of sport and physical education and the structure of sources of financing this activity in practice of Polish foundations and associations. The paper analyses legal regulations and domestic and subject literature, presenting possible financing sources of activity of Polish organisations. The empirical studies were carried out based on analysis of the content of substantive reports of public benefit organisations. The verification of statistical hypotheses was carried out using the structure indicator test. The results of the conducted studies confirm the main hypothesis, according to which the public benefit organisations finance the activity promoting sport and physical education mainly from public sources, with the funds originating from the local government budgets playing the most important role. The paper also presents the results regarding the structure of the funds originating from private sources and the mechanism of 1% of personal income tax. The paper tackles the subject seldom discussed in the literature and can play a role in the discussion on the system of financing the public benefit activities given the dynamic development of non-government organisations sector.

scholarly journals Features of the EU and Ukraine’s debt policy

2019 ◽  
Vol 16 (4) ◽  
pp. 254-261
Author(s):  
Igor Chugunov ◽  
Valentyna Makohon ◽  
Yuliya Markuts
Keyword(s):  
Public Administration ◽  
Public Debt ◽  
Management Strategies ◽  
Economic Security ◽  
Debt Management ◽  
The Public ◽  
Public Debt Management ◽  
The Impact ◽  
Debt Policy ◽  
The Eu

The world economic globalization determines the feasibility of rethinking fiscal system knowledge on the formation and implementation of debt policy in the countries with transformation and advanced economies. In order to improve the system of public administration, the proper level of financing of innovation-investment projects, the important task is to improve the effectiveness of debt policy instruments and to ensure the consistency of its components. This article describes the essence of debt policy. The features of formation and implementation of the EU and Ukraine’s debt policy in the public administration system are defined in the context of institutional transformations. The authors assess the share of gross debt of the EU countries and the sovereign debt of Ukraine in GDP; conduct a regression analysis of the impact of public debt in GDP on real GDP growth in Ukraine. The article discusses the debt policy tasks, summarizes and systematizes the approaches to its implementation in different countries. The authors identify the features of public debt management strategies in terms of marginal indicators of the budget deficit, public debt, and instruments for improving the effectiveness of the public debt management system. The impact of debt policy on country’s financial and economic security is substantiated.

Sign in / Sign up

Export Citation Format

Share Document