等価定理と非等価定理

D.リカードゥ公債論とその展開

抄録

In his debt theory, D. Ricardo put an emphasis on the statement that there are two ideas on public debt; the equivalence thesis, and the non-equivalence thesis.
He asserts that logically the equivalence thesis is presumable but practically the nonequivalence thesis is true.
The idea of the existence of debt illusion emerges to explain what makes this defference between logic and fact; if the debt illusion exists the non-equivalence thesis is probably unreal, but otherwise the equivalence thesis is true. That is, whether the non-equivalence thesis or the equivalence thesis. is tangible depends upon the recognition of the existence of debt illusion. From the above, in order to figure out the substantial cause of the accumulation of debt, under which most industrial nations are suffering in reality, debt policy should be discussed on the assumption that there exists the debt illusion. For it is considered to be the biggest cause of the accumulation of debt. And from this point of view, the theory of Ricardo could be said to have provided a significant impact on a clear understanding of the present debt policy.