Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi

By Mario I. Blejer; Teresa Ter-Minassian | Go to book overview

NOTES
1
The author is H. H. Burbank Professor of Political Economy, Emeritus, Harvard University and Adjunct Professor of Economics, University of California at Santa Cruz.
2
In discussing the burden of war finance, Ricardo considered a taxpayer who is free to finance his tax by borrowing and is thus left in the same position as when purchasing government debt (1817:244 and 1820:187). ‘In point of economy’ Ricardo concludes, ‘there is no real difference between the two modes’ (1820:186). The impact of the war burden will be the same whether the person is taxed to begin with or called upon later to finance the debt service. But Ricardo did not continue to conclude that therefore tax and debt finance will also have the same real world effect. With tax finance, so he argues, the payor will ‘save speedily’ to restore his wealth, while under loan finance he will save only to restore the lesser amount of tax payable for debt service. ‘Loan finance, therefore is a system which tends to make us less thrifty—to blind us to our real situation’ (1817:247). What would hold ‘in economy’ does not hold in a realistic setting. Ricardo would not have been pleased to find the modern version of the theorem presented under his name.

REFERENCES
Barro, Robert J. (1974) ‘Are Government Bonds Net Wealth?’, Journal of Political Economy, December.
Haliassos, Michael and James Tobin (1990) ‘Macro Economics and Public Finance’, in B. M. Friedman and F. H. Hahn (eds) Handbook of Monetary Economics, Vol. II, Elsevier.
Musgrave, Richard A. (1959) The Theory of Public Finance, New York: McGrawHill.
Ricardo, David (1817) The Principles of Political Economy and Taxation, in P. Sraffa (ed. ) (1962) The Works and Correspondence of David Ricardo, Vol. 1, Cambridge University Press.
——(1820) Funding System, P. Sraffa (ed. ) ibid. Vol. IV.
Seater, John S. (1993) ‘Ricardian Equivalence’, Journal of Economic Literature, Vol. XXXI, No. 1, March.
Wicksell, Knut (1896) ‘A New Principle of Just Taxation’, in R. A. Musgrave and A. Peacock (eds) (1958) Classics in the Theory of Public Finance, London: Macmillan.

-26-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Macroeconomic Dimensions of Public Finance: Essays in Honour of Vito Tanzi
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 506

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.