Reflections by Joachim Spangenberg

  1. In the current policy discourse there is a broad consensus that public debt is the key problem. This hegemonial position is supported by most neoclassical economists, and it is shared by decision makers of all parties.
  2. However, this is not the stance flowing from economic theory, which has long dominated the discussion but is almost absent now. In neoclassics, debt has mainly been discussed regarding three risks. More

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