The original chapters in this book connect the microeconomic and
macroeconomic approaches to public debt. Through their
thought-provoking views, leading scholars offer insights into the
incentives that individuals and governments may have in resorting
to public debt, thereby promoting a clearer understanding of its
economic consequences. The authors explore public debt along two
distinct but complementary analytical paths. One path concerns
microeconomic aspects of public debt as it emerges through
budgetary processes where individuals respond to the costs and
gains of different courses of action. The other concerns the
systemic properties of rational individuals acting within a
democratic system of political economy. Within this scheme of
thought, the two levels of analysis are integrated by recognition
that efforts to control macro-level outcomes must address the
micro-level circumstances and conditions that promote public debt
as systemic budgetary outcomes. Scholars and students, as well as
policy makers in public debt and political economy, will find this
critical resource invaluable to understanding this vital issue.
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