Economists commit a category mistake when they treat democratic
governments as indebted. Monarchs can be indebted, as can
individuals. In contrast, democracies can't truly be indebted. They
are financial intermediaries that form a bridge between what are
often willing borrowers and forced lenders. The language of public
debt is an ideological language that promotes politically expressed
desires and is not a scientific language that clarifies the
practice of public finance. Economists have gone astray by assuming
that a government is just another person whose impulses toward
prudent action will restrict recourse to public debt and induce
rational political action.
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