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December 2, 2023 545 0
Debt is an obligation to pay money to a creditor. The concept of government debt emanates from the budgetary practices employed to finance deficits. The information delves into the relationship between budgetary deficits and government debt, shedding light on how continual borrowing can snowball into a burgeoning debt issue.
The Ricardian equivalence, coined after economist David Ricardo, underscores an ‘equivalence’ between taxation and borrowing as a means to finance expenditure, suggesting that the economic impact of debt-financed government spending is analogous to that of tax-financed spending.
Debt: Internal Matters vs. External Realities
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