Thomas Jefferson on the repudiation of public debt

Thomas Jefferson's theory of public debt repudiation illustrates both the normative and positive aspects of public debt repudiation. Using Jefferson's model, this paper attempts to reveal several characteristics of public debt repudiation. First, that the positive characteristics of repudiation can not be analyzed apart from the normative and institutional issues. Second, how a debt repudiation rule might be incorporated into a country's constitution and, finally, how such a rule may lead to an improvement of the country's credit terms over those that would exist otherwise. In other words, a country may be better off announcing its standards for repudiation then if it denied any intention to repudiate under any conditions. A related issue, which is beyond the scope of this paper, is the sufficient conditions for repudiation. Jefferson's model develops only the necessary conditions. I would like to thank J. Richard Aronson, Wayne Brough, Dean Crawshare, James Dearden, Kenneth Greene, Vince Munley, the anonymous referees, and seminar participants at the 1990 Public Choice Society meetings and at Lehigh University for helpful comments and suggestions. Of course, the author is responsible for any errors. The author is grateful to The Martindale Center for the Study of Private Enterprise which supplied research support.     

城市化与畜产品生产预测：健康与环境风险调整法

集约化农业生产所带来的环境影响和健康危害已经使人们逐渐认识到建立可持续农业发展途径的必要性。随着人们收入的增长,城市化的迅速发展成为消费模式转变的最为显见的驱动力。揭示在考虑到可持续发展的风险和不确定性的情况下对未来农业生产规划的预测,和在决策过程中恰当的风险指标,而这些内容的引入将极可能改变与畜产品设备配置和集约化程度相关的未来政策。以中国为例,研究主要目标为:(1)阐明如何将风险指标引入到决策过程中从而避免健康风险带来的负面结果;(2)阐明如何在农业生产规划中明确风险和不确定性,以达到可持续农业发展。     

城市化与畜产品生产预测:健康与环境风险调整法

集约化农业生产所带来的环境影响和健康危害已经使人们逐渐认识到建立可持续农业发展途径的必要性.随着人们收入的增长,城市化的迅速发展成为消费模式转变的最为显见的驱动力.揭示在考虑到可持续发展的风险和不确定性的情况下对未来农业生产规划的预测,和在决策过程中恰当的风险指标,而这些内容的引入将极可能改变与畜产品设备配置和集约化程度相关的未来政策.以中国为例,研究主要目标为:(1)阐明如何将风险指标引入到决策过程中从而避免健康风险带来的负面结果;(2)阐明如何在农业生产规划中明确风险和不确定性,以达到可持续农业发展.