Public Debt And The Common Good

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Public Debt and the Common Good

Author : James Odom
Publisher : Routledge
ISBN 13 : 0429866399
Total Pages : 217 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Public Debt and the Common Good by : James Odom

Download or read book Public Debt and the Common Good written by James Odom and published by Routledge. This book was released on 2018-07-18 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American national debt stands at $20.49 trillion as of January 2018, or roughly $63,000 for every person in the United States. The national debt has grown six-fold in the past 25 years, and borrowing only has accelerated in recent administrations. What are the factors driving such unrestrained borrowing? Is American fiscal policy different now than in an earlier era? Is there a moral dimension to public debt and, if so, how can that dimension be measured? Public Debt and the Common Good addresses these and other questions by looking to the fiscal policy of the American states. Drawing on classical themes and the longest quantitative review of state debt in the literature, James Odom expertly integrates institutional analysis with dimensions of culture to define the parameters of political freedom in a theoretically coherent way. In doing so, Odom argues that centralization and injustice, or the incapacity for the common good, can help explain state indebtedness. Contributing to ongoing scholarly debates on public debt theory, this book will be of interest to students, scholars, and practitioners who work at the intersection of political philosophy and economics, as well as those who specialize in state public policy, state politics, and federalism more generally.

What We Owe

Author : Carlo Cottarelli
Publisher : Brookings Institution Press
ISBN 13 : 0815730691
Total Pages : 204 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis What We Owe by : Carlo Cottarelli

Download or read book What We Owe written by Carlo Cottarelli and published by Brookings Institution Press. This book was released on 2017-09-05 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro crisis, Japan's sluggish economy, and partisan disagreements in the United States about the role of government all have at least one thing in common: worries about high levels of public debt. Nearly everyone agrees that public debt in many advanced economies is too high to be sustainable and must be addressed. There is little agreement, however, about when and how that addressing should be done—or even, in many cases, just how serious the debt problem is. As the former director of the International Monetary Fund's Fiscal Affairs Department, Carlo Cottarelli has helped countries across the globe confront their public finance woes. He also had direct experience in advising his own country, Italy, about its chronic fiscal ailments. In this straightforward, plain-language book, Cottarelli explains how and why excessive public debt can harm economic growth and can lead to crises such as those experienced recently in Italy and several other European countries. But Cottarelli also has some good news: reducing public debt often can be done without trauma and through moderate changes in spending habits that contribute to economic growth. His book focuses on positive remedies that countries can adopt to deal with their public debt, analyzing both the benefits and potential downsides to each approach, as well as suggesting which remedies might be preferable in particular situations. Too often, public debate about public debt is burdened by lies and myths. This book not only explains the basic facts about public debt but also aims to bring truth and reasoned nonpartisan analysis to the debate.

The Bonds of Debt

Author : Richard Dienst
Publisher : Verso Books
ISBN 13 : 1784786551
Total Pages : 200 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis The Bonds of Debt by : Richard Dienst

Download or read book The Bonds of Debt written by Richard Dienst and published by Verso Books. This book was released on 2017-01-31 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Indebtedness as the universal condition of modern life The credit crisis has pushed the whole world so far into the red that the gigantic sums involved defy understanding. On a human level, what does such an enormous degree of debt and insolvency mean? In this timely book, cultural critic Richard Dienst considers the financial crisis, global poverty, media politics and radical theory to parse the various implications of a world where man is born free but everywhere is in debt. Written with humor and verve, Bonds of Debt ranges across subjects—such as Obama’s national security strategy, the architecture of Prada stores, press photos of Bono, and a fairy tale told by Karl Marx—to capture a modern condition founded on fiscal imprudence. Moving beyond the dominant pieties and widespread anxieties surrounding the topic, Dienst re-conceives the world’s massive financial obligations as a social, economic, and political bond, where the crushing weight of objectified wealth comes face to face with new demands for equality and solidarity. For this inspired analysis, we are indebted to him.

Public Debt and the Common Good

Author : James Odom
Publisher : Routledge
ISBN 13 : 0429866402
Total Pages : 172 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Public Debt and the Common Good by : James Odom

Download or read book Public Debt and the Common Good written by James Odom and published by Routledge. This book was released on 2018-07-18 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American national debt stands at $20.49 trillion as of January 2018, or roughly $63,000 for every person in the United States. The national debt has grown six-fold in the past 25 years, and borrowing only has accelerated in recent administrations. What are the factors driving such unrestrained borrowing? Is American fiscal policy different now than in an earlier era? Is there a moral dimension to public debt and, if so, how can that dimension be measured? Public Debt and the Common Good addresses these and other questions by looking to the fiscal policy of the American states. Drawing on classical themes and the longest quantitative review of state debt in the literature, James Odom expertly integrates institutional analysis with dimensions of culture to define the parameters of political freedom in a theoretically coherent way. In doing so, Odom argues that centralization and injustice, or the incapacity for the common good, can help explain state indebtedness. Contributing to ongoing scholarly debates on public debt theory, this book will be of interest to students, scholars, and practitioners who work at the intersection of political philosophy and economics, as well as those who specialize in state public policy, state politics, and federalism more generally.

Economics for the Common Good

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 0691192251
Total Pages : 582 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Economics for the Common Good by : Jean Tirole

Download or read book Economics for the Common Good written by Jean Tirole and published by Princeton University Press. This book was released on 2019-05-14 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt: "When Jean Tirole won the 2014 Nobel Prize in Economics, he suddenly found himself being stopped in the street by complete strangers and asked to comment on issues of the day, no matter how distant from his own areas of research. His transformation from academic economist to public intellectual prompted him to reflect further on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics, far from being a 'dismal science,' is a positive force for the common good. Economists are rewarded for writing technical papers in scholarly journals, not joining in public debates. But Tirole says we urgently need economists to engage with the many challenges facing society, helping to identify our key objectives and the tools needed to meet them. To show how economics can help us realize the common good, Tirole shares his insights on a broad array of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation. Providing a rich account of how economics can benefit everyone, Economics for the Common Good sets a new agenda for the role of economics in society"--Provided by publisher.

What We Owe Each Other

Author : Minouche Shafik
Publisher : Princeton University Press
ISBN 13 : 069120764X
Total Pages : 256 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis What We Owe Each Other by : Minouche Shafik

Download or read book What We Owe Each Other written by Minouche Shafik and published by Princeton University Press. This book was released on 2022-08-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Guidelines for Public Debt Management -- Amended

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 149832892X
Total Pages : 39 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund

Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

The Deficit Myth

Author : Stephanie Kelton
Publisher : PublicAffairs
ISBN 13 : 1541736206
Total Pages : 311 pages
Book Rating : 4.5/5 (417 download)

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Book Synopsis The Deficit Myth by : Stephanie Kelton

Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Public Debt and Growth

Author : Jaejoon Woo
Publisher : International Monetary Fund
ISBN 13 : 1455201855
Total Pages : 48 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Public Debt and Growth by : Jaejoon Woo

Download or read book Public Debt and Growth written by Jaejoon Woo and published by International Monetary Fund. This book was released on 2010-07-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.

Public Debt Through the Ages

Author : Mr.Barry J. Eichengreen
Publisher : International Monetary Fund
ISBN 13 : 1484392892
Total Pages : 60 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Public Debt Through the Ages by : Mr.Barry J. Eichengreen

Download or read book Public Debt Through the Ages written by Mr.Barry J. Eichengreen and published by International Monetary Fund. This book was released on 2019-01-15 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

Debtors' Prison

Author : Robert Kuttner
Publisher : Vintage
ISBN 13 : 0307959813
Total Pages : 352 pages
Book Rating : 4.3/5 (79 download)

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Book Synopsis Debtors' Prison by : Robert Kuttner

Download or read book Debtors' Prison written by Robert Kuttner and published by Vintage. This book was released on 2013-04-30 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of our foremost economic thinkers challenges a cherished tenet of today’s financial orthodoxy: that spending less, refusing to forgive debt, and shrinking government—“austerity”—is the solution to a persisting economic crisis like ours or Europe’s, now in its fifth year. Since the collapse of September 2008, the conversation about economic recovery has centered on the question of debt: whether we have too much of it, whose debt to forgive, and how to cut the deficit. These questions dominated the sound bites of the 2012 U.S. presidential election, the fiscal-cliff debates, and the perverse policies of the European Union. Robert Kuttner makes the most powerful argument to date that these are the wrong questions and that austerity is the wrong answer. Blending economics with historical contrasts of effective debt relief and punitive debt enforcement, he makes clear that universal belt-tightening, as a prescription for recession, defies economic logic. And while the public debt gets most of the attention, it is private debts that crashed the economy and are sandbagging the recovery—mortgages, student loans, consumer borrowing to make up for lagging wages, speculative shortfalls incurred by banks. As Kuttner observes, corporations get to use bankruptcy to walk away from debts. Homeowners and small nations don’t. Thus, we need more public borrowing and investment to revive a depressed economy, and more forgiveness and reform of the overhang of past debts. In making his case, Kuttner uncovers the double standards in the politics of debt, from Robinson Crusoe author Daniel Defoe’s campaign for debt forgiveness in the seventeenth century to the two world wars and Bretton Woods. Just as debtors’ prisons once prevented individuals from surmounting their debts and resuming productive life, austerity measures shackle, rather than restore, economic growth—as the weight of past debt crushes the economy’s future potential. Above all, Kuttner shows how austerity serves only the interest of creditors—the very bankers and financial elites whose actions precipitated the collapse. Lucid, authoritative, provocative—a book that will shape the economic conversation and the search for new solutions.

For the Common Good

Author : Matthew W. Finkin
Publisher : Yale University Press
ISBN 13 : 0300155549
Total Pages : 272 pages
Book Rating : 4.3/5 (1 download)

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Book Synopsis For the Common Good by : Matthew W. Finkin

Download or read book For the Common Good written by Matthew W. Finkin and published by Yale University Press. This book was released on 2009-04-21 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a concise explanation of the history and meaning of American academic freedom, and it attempts to intervene in contemporary debates by clarifying the fundamental functions and purposes of academic freedom in America.--From publisher description.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Philosophy of Debt

Author : Alexander X. Douglas
Publisher : Routledge
ISBN 13 : 1317398866
Total Pages : 180 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis The Philosophy of Debt by : Alexander X. Douglas

Download or read book The Philosophy of Debt written by Alexander X. Douglas and published by Routledge. This book was released on 2015-11-06 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: I owe you a dinner invitation, you owe ten years on your mortgage, and the government owes billions. We speak confidently about these cases of debt, but is that concept clear in its meaning? This book aims to clarify the concept of debt so we can find better answers to important moral and political questions. This book seeks to accomplish two things. The first is to clarify the concept of debt by examining how the word is used in language. The second is to develop a general, principled account of how debts generate genuine obligations. This allows us to avoid settling each case by a bare appeal to moral intuitions, which is what we seem to currently do. It requires a close examination of many institutions, e.g. money, contract law, profit-driven finance, government fiscal operations, and central banking. To properly understand the moral and political nature of debt, we must understand how these institutions have worked, how they do work, and how they might be made to work. There have been many excellent anthropological and sociological studies of debt and its related institutions. Philosophy can contribute to the emerging discussion and help us to keep our language precise and to identify the implicit principles contained in our intuitions.

The Liquidation of Government Debt

Author : Ms. Carmen Reinhart
Publisher : International Monetary Fund
ISBN 13 : 1498338380
Total Pages : 47 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Liquidation of Government Debt by : Ms. Carmen Reinhart

Download or read book The Liquidation of Government Debt written by Ms. Carmen Reinhart and published by International Monetary Fund. This book was released on 2015-01-21 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative ½ of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.

The Common Good

Author : Robert B. Reich
Publisher : Vintage
ISBN 13 : 0525436375
Total Pages : 210 pages
Book Rating : 4.5/5 (254 download)

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Book Synopsis The Common Good by : Robert B. Reich

Download or read book The Common Good written by Robert B. Reich and published by Vintage. This book was released on 2019-01-15 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert B. Reich makes a powerful case for the expansion of America’s moral imagination. Rooting his argument in common sense and everyday reality, he demonstrates that a common good constitutes the very essence of any society or nation. Societies, he says, undergo virtuous cycles that reinforce the common good as well as vicious cycles that undermine it, one of which America has been experiencing for the past five decades. This process can and must be reversed. But first we need to weigh the moral obligations of citizenship and carefully consider how we relate to honor, shame, patriotism, truth, and the meaning of leadership. Powerful, urgent, and utterly vital, this is a heartfelt missive from one of our foremost political thinkers.

Saving and Investment in the Twenty-First Century

Author : Carl Christian von Weizsäcker
Publisher : Springer
ISBN 13 : 9783030750336
Total Pages : 0 pages
Book Rating : 4.7/5 (53 download)

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Book Synopsis Saving and Investment in the Twenty-First Century by : Carl Christian von Weizsäcker

Download or read book Saving and Investment in the Twenty-First Century written by Carl Christian von Weizsäcker and published by Springer. This book was released on 2022-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. This is true even in a situation of prosperity and very low interest rates. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life expectancy, driven by the desire to have sufficient assets in old age. On the other hand, the demand for capital is not increasing to the same extent, so that investment is not keeping pace with the rising desire to save. The resulting gap between the private desire for wealth and private investment can only be closed by increasing public debt. This open access book offers a new, capital-theoretical perspective on the macroeconomic relationship between desired wealth and investment, and it presents new empirical data on private wealth and its composition in the OECD plus China area. The authors argue that a free economic and social order can only be stabilized if the wealth aspirations of individuals are met under conditions of price stability. This is not possible without substantial net public debt. A new way of thinking about the economy as a whole is required. By way of an in-depth theoretical and empirical analysis, the book demonstrates this new way of thinking and describes the current challenges facing economic policy. It will appeal to economists and students of economics who are interested in macroeconomic theory and its economic policy implications. An impressive, and convincing theoretical dive into the fundamentals behind secular stagnation, with very strong implications for actual debt policy. Public debt may be needed to improve welfare. - Olivier Blanchard, Senior Fellow at the Peterson Institute for International Economics and Professor of Economics Emeritus at Massachusetts Institute of Technology (MIT). Chief Economist at the International Monetary Fund from 2008 to 2015. Saving and Investment in the Twenty-First Century gives a wholly new perspective on macroeconomics. (...) Weizsäcker and Krämer describe a simple, practical solution to the underemployment that has plagued Southern Europe for more than a decade. - George Akerlof, Nobel Laureate in Economics, 2001. Professor at the McCourt School of Public Policy at Georgetown University and Professor of Economics Emeritus at the University of California, Berkeley. This is a profound and original contribution that can help us to understand and act on the great issues of our times. - Nicholas Stern, Grantham Research Institute on Climate Change and the Environment at the London School of Economics. Author of the Stern Review Report on the Economics of Climate Change. Chief Economist at the World Bank from 2000 to 2003.