tag:blogger.com,1999:blog-1740670447258719504.post7001549648266317901..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: Two good linksEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1740670447258719504.post-85969071525976045762012-01-21T12:42:48.701-05:002012-01-21T12:42:48.701-05:00Nick I'm not sure what the issue is with your ...Nick I'm not sure what the issue is with your comment and his quote.<br /><br />Yes, the nature of the institution of the state is that people face liabilities involuntarily. This is why nobody should be nonchalant about the public debt and the liabilities it does impose. That's right.Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-82320257842992821062012-01-21T11:32:45.942-05:002012-01-21T11:32:45.942-05:00Daniel: I think he still doesn't get it. Look ...Daniel: I think he still doesn't get it. Look at this quote:<br /><br />"What I was actually saying, of course, is that debt is a liability that we pass to the next generation — but it’s also an asset that we pass to the next generation."<br /><br />We "pass on" the asset by <i>selling</i> the bonds to the next generation (unless he believes in Ricardian Equivalence) but we don't "pass on" the liability by <i>paying</i> the next generation to take it. There's a massive asymmetry in how the asset and liability are "passed on".<br /><br />Now, if I were nasty, I might start talking about ideologically-motivated mistakes, and being rude, and saying that this is not a dinner party, and people shouldn't clutch their pearls when I start talking like the Faculty Club Leninist.<br /><br />But I won't.<br /><br />But I am getting peeved at PK. There's a double-standard here.Nick Rowehttps://www.blogger.com/profile/04982579343160429422noreply@blogger.com