Gruen, David - In: The Economic Record 73 (1997) 220, pp. 35-44
An immortal, intertemporally optimizing consumer, who is ignorant of the link between bonds and future taxes, is exposed to the changing level of U.S. federal government debt over the thirty years, 1961-90. Estimates of the cost of ignorance are about $1 to $10 per annum. Provided governments do...