The Paradox of Debt: A New Path to Prosperity Without Crisis

Richard Vague's book explores the assets, liabilities, and incomes of the American economy as a whole, showing that debt growth in excess of GDP growth is a feature of modern economic systems. It argues that rising debt is the primary source of economic growth, new money creation, and wealth creation, but also brings heightened inequality and can bring economic calamity when left unchecked. Vague offers an innovative set of policies to manage this debt paradox.

Format: Hardback
Length: 288 pages
Publication date: 06 July 2023
Publisher: Swift Press

When we delve into the realm of debt and its profound economic implications, we often tend to focus solely on government debt, disregarding the significant debt held by individuals and firms that play a crucial role in understanding the intricacies of the economy. In this thought-provoking book, Richard Vague takes a bold step by examining the assets, liabilities, and incomes of the entire American economy, encompassing both the government and private sectors. Through his comprehensive analysis, Vague challenges the prevailing notion that debt growth exceeding GDP growth is a mere anomaly, rather than a fundamental characteristic of modern economic systems. He reveals that this increased leverage is woven into the very fabric of the economy, shaping its dynamics and driving economic growth.

Vague employs the data presented in the book to illustrate that rising debt serves as the primary catalyst for economic expansion, the generation of new money, and the accumulation of wealth. However, he also cautions that unchecked debt accumulation can lead to heightened inequality and even economic calamity. By comparing and contrasting the financial data of the United States with other major economies, Vague offers a unique perspective on the global debt landscape. As an authority on the role of private debt in the global economy, Vague proposes an innovative set of policies aimed at navigating this debt paradox. Whether you are a policymaker or a concerned private citizen seeking to grasp these complex dynamics, this book serves as an indispensable guide.

Weight: 506g
Dimension: 161 x 242 x 29 (mm)
ISBN-13: 9781800752184