Ricardian Non-Equivalence, Wolf Invitation, and Usurpation
6 Pages Posted: 11 Oct 2012 Last revised: 2 Sep 2014
Date Written: October 11, 2012
Abstract
Ricardian equivalence is a theorem which states that bonds and taxation are mutually substitutable. This paper proves that the current understanding of this theorem rests on some illegal mathematical operations. Otherwise, bond issuing requires a dishonest government printing money to buy up the unsold ones. This paper also proves that government bonds are bad investment, and that lending money by central banks is usurpation.
Keywords: Taxation, Bonds, Seigniorage
JEL Classification: E51, E52
Suggested Citation: Suggested Citation
Choi, Hak, Ricardian Non-Equivalence, Wolf Invitation, and Usurpation (October 11, 2012). Available at SSRN: https://ssrn.com/abstract=2160241 or http://dx.doi.org/10.2139/ssrn.2160241
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