Hamilton was a realist because he saw the public debt incurred to fund the Revolutionary War as a legitimate debt that should be honored and could be honored--provided the United States developed robust financial institutions.
He was also an admirer of Count Destutt de Tracy, a French political economist who held that all public debt is "evil" and advocated debt repudiation.
Salsman's assessment is that the prospects of paying down or properly managing the public debt are bleak.
One topic not discussed by Salsman is the role of public debt in a laissez-faire society, where all government financing is through voluntary means.
Salsman's book is aimed at a scholarly audience, and its review of public debt theory over the past three centuries is comprehensive (as the thirty-eight pages of references at the end of the book attest).
Smith's wariness of public debt made him a debt pessimist, explained below.
They are followed by countries with a public debt of $1-3 trillion.
It revealed that the largest percentage-based increase of the public debt among the countries studied was in Kazakhstan, where the debt increased by more than a third (+32 per cent), moving the country to 58th place in volume of public debt.
The public debt of Greece also decreased by 8 per cent, which can be explained by the fact that the creditors wrote it down in 2012 and Hungary's financial liabilities decreased by 15 per cent, giving it 42nd place in the general rating.