Contents: 1. Macroeconomics, fiscal policy, and public debt: conflating myth and reality -- 2. Political economy and the supply of macro guidance -- 3. Engines, ecologies, and economic systems -- 4. Budgeting and public debt within a system of cooperative democracy -- 5. Public debt within...

Contents: Preface -- Part I: Public debt and individual rationality -- 1. De Viti de Marco vs. Ricardo on public debt: self-extinction or default? / Giuseppe Eusepi and Richard E. Wagner -- 2. Governing the market for sovereign bailouts / Karsten Mause -- 3. Political obligations: is debt...

While Antonio de Viti de Marco was a significant figure within the Italian school of public finance that flourished between 1880 and 1940, his theoretical framework also has relevance today. Contemporary theory largely adopts a sequential framework where states act to modify previously...

This paper seeks to overcome an antinomy within the theory of political economy: while market outcomes are treated as resulting from polycentric competition, political outcomes are treated as resulting from hierarchic planning. We seek to overcome this antinomy by treating political outcomes as...