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Between the lines: Ricardo knew how we think



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Published Date: 28 May 2008
By George Kerevan
MY PRIZE for the most obscure headline of 2008 (so far) goes to the Financial Times on 14 May: "King gives nod to Ricardian equivalence".
Most folk would have been none the wiser as to what the article was about. A sad few would have had a dim memory of a long-ago economics lecture about somebody called Ricardo, but even then, relating David Ricardo (1772-1823) to the modern British ec...



The full article contains 760 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 27 May 2008 9:01 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: George Kerevan
 
1

Hugo of Garven,

28/05/2008 07:51:13
"The Ricardian argument goes as follows. When a government borrows money, everyone knows the cash will have to be paid back eventually – and with interest. At the end of the day, the only way that can be done is by raising taxes."

The ONLY way it can be done?

If the tax revenue increases because of a growing economy then there is 'surplus' money to repay the borrowing without raising taxes.
2

Hugh V McLachlan,

Elderslie 28/05/2008 21:48:15
'Ricardo ... was the first great economic theorist'

Since both Smith and Hume preceded him, this can hardly be true.

 

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