Archive for Debt
BMS ep. 136: A Framework for Money, Inflation, and Debt
This is a follow-up to the marathon interview I did with Rohan Grey on MMT. I lay out what is the fairly standard framework economists use for thinking about money, inflation, and debt, and apply it to the discussion Rohan and I had.
Read moreResponding to Steve Landsburg on Government Debt
Steve graciously commented on my recent talk from Mises U, in which I rehashed the Great Debt Debate of 2012. (Steve left a comment here and here.) Below, I will respond to Steve’s points individually. But before doing that, let me give an analogy. ================== A HYPOTHETICAL DEBATE ON GUNS PAUL: It’s impossible for handguns […]
Read moreWho Bears the Burden of Government Debt?
As I explain in this video, I might get hit by a bus, so I wanted to go on record explaining this stuff. And here’s the link to the legendary “The Economist Zone” post.
Read moreFederal Expenditures and Tax Receipts Over Time
I had to make this chart for a recent presentation, and thought it was interesting. Notice that taxes as a share of GDP tripled during WW2, and stayed up there for a decade. Notice also how high spending is, compared to historical levels. (Be careful, I think on this chart “current expenditures” is not the […]
Read moreIt’s Up to Scott Sumner to Save My Reputation
(Before I jump into the blog post, here is the latest Contra Krugman episode.) On a previous post I pointed out the irony that progressives are flipping out about Trump’s remarks on a Treasury default, when back in 2012 Krugman et al. were scratching their heads trying to even come up with a model in […]
Read moreTrump on Debt Default
So people are freaking out about Trump’s remarks concerning Treasury debt default. (E.g. Yglesias and Sumner.) My initial response (on Twitter) was to contrast the freaking out with free-market economists who had favored debt repudiation as a sound (and moral) strategy. But then I went and dug up Paul Krugman’s posts (one and two) from […]
Read moreFederal Debt “Held By the Public” as Share of GDP
Someone making a video asked me to dig this up, so I thought I’d share it with you guys too…
Read moreAn Unexpected Twist in the “Debt Burdening Our Grandkids?” Debate
You guys think you’ve got me all figured out. Well you’re wrong. In my current EconLib essay, instead of focusing on Krugman, I design two thought experiments of war financing to show that even Ludwig von Mises missed something crucial in the “debt and future generations” argument. The intro: Critics of government debt often argue that […]
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