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Podcast: New Books in Economic and Business History
Episode: Richard Vague, "The Paradox of Debt: A New Path to Prosperity Without Crisis" (U Pennsylvania Press, 2023)
Description: When we talk about debt and its impact on our economy, we almost always mean âgovernment debt.â However, this is only a small part of the picture: individuals, private firms, and households owe trillions, and these private debts are vital to understanding the economy.In The Paradox of Debt: A New Path to Prosperity Without Crisis (U Pennsylvania Press, 2023), Richard Vague examines the assets, liabilities, and incomes of the entire country, private and public sector, to reveal its net worth. His holistic analysis shows that the real factor that drives both financial crises and spiraling inequalityâbut also, pa...