search query: @author Congdon, T. / total: 13
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| Author: | Congdon, T. |
| Title: | A critique of international Micawberism. |
| Journal: | Economic Affairs
1993 : NOV-DEC, VOL. 14:1, p. 13-18 |
| Index terms: | DEBT UNITED KINGDOM COMPETITIVENESS ECONOMIC GROWTH |
| Language: | eng |
| Abstract: | The author argues that Britain growth is not constrained by the risk of a balance-of-payments deficit. Two points are implicit in the arguments of this paper. First the private sector as a whole may at times want to have a financial deficit. Secondly, the optimal international distribution of private-sector financial surpluses and deficits depends on a host of considerations, such as time preferences , demographic structure and the marginal profitability of capital. It argues that individual agents understand their own financial affairs, including their decisions to borrow or lend, and to acquire or reduce asset holding, better than governments, economists and newspaper commentators. |
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