How did we get here? Once upon a time, conventional wisdom maintained that curbing governments’ appetite for debt would put an end to over-borrowing, because private agents would know to act prudently and weigh the costs and benefits of one more dollar of debt.
我们是如何走到这一步的？曾经的传统智慧认为，遏制政府负债偏好就能结束过度负债，因为私人部门将知道要审慎，也会衡量增加美元债务的利弊。