The most prominent Italian theorist of the late 19th and early 20th centuries, Antonio de Viti de Marco, accepted David Ricardo's proposition that an extraordinary tax and a public loan are equivalent. Despite this common point of analytical departure, their theories of public debt diverged...

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...

This paper is the penultimate draft of the fifth of six chapters of a book titled Public Debt: An Illusion of Democratic Political Economy. This paper modifies the benchmark condition of a cooperative democracy to incorporate a realistic treatment of democracy where there exist islands of...

This paper is the penultimate draft of the fourth of six chapters of a book titled Public Debt: An Illusion of Democratic Political Economy. This essay establishes an analytical benchmark of a democratic system in which political outcomes reflect genuine consensus among the participants. This...

This is the first of six chapters of the penultimate draft of a book titled Public Debt: An Illusion of Democratic Political Economy. The book's theme is an elaboration and refinement of the early 20th century orientation toward public debt that Antonio de Viti de Marco set forth. As the book's...