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Jean-François Melon Contribution to the Theory of Public Debt: A Fil Rouge Connecting the Economic Debate from the 18th Century until this Day

Author

Listed:
  • Mieli, Stefano

    (Former Managing Director for Banking Supervision and Regulation, Banca d’Italia, Rome - Italy)

Abstract
Jean-François Melon, a John Law follower writing in a period which is considered the last phase of Mercantilism, depicted in his Essai politique sur le commerce (1734) public debt as debts from the right hand to the left one. Melon’s work is today known only by a few specialists and is often considered a curiosity of the early stages of the economic discipline. The aim of this paper is to examine briefly the debate on public debt over the centuries, outlining the impact and the today’s relevance of the French economist contribution. The analysis of his Essay makes possible to see him as a forerunner in the field of economic theory: in particular, he anticipated to a certain extent the Keynesian belief of the possibility of sustaining the level of economic activity via deficit financing. However, he should be considered at least as the man who gave vent to intense debates on public debt from the 18th century until this day. Il contributo di Jean-François Melon alla teoria del debito pubblico e la sua influenza nel dibattito economico dal diciottesimo secolo fino ai giorni nostri Jean-François Melon, un seguace di John Law che ha vissuto e scritto in un periodo considerato l’ultima fase del Mercantilismo, ha rappresentato nel suo Essai politique sur le commerce (1734) il debito pubblico come un debito della mano destra alla sinistra. Il lavoro di Melon è oggi conosciuto da pochi specialisti ed è spesso considerato una curiosità degli albori della disciplina economica. Questa nota si pone l’obiettivo di ripercorrere sinteticamente il dibattito sul debito pubblico svoltosi negli ultimi secoli ponendo in luce l’importanza del contributo dell’economista francese. L’analisi del suo Essai consente in particolare di attribuire a Melon un ruolo di precursore nell’evoluzione della teoria economica, ad esempio, anticipando in qualche modo il tema keynesiano della possibilità di sostenere l’attività economica attraverso la spesa pubblica finanziata in deficit. In ogni caso, egli dovrebbe almeno essere considerato come un pensatore che ha notevolmente stimolato l’acceso dibattito sul tema del debito pubblico svoltosi dal diciottesimo secolo ai giorni nostri.

Suggested Citation

  • Mieli, Stefano, 2023. "Jean-François Melon Contribution to the Theory of Public Debt: A Fil Rouge Connecting the Economic Debate from the 18th Century until this Day," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(4), pages 529-546.
    • Handle: RePEc:ris:ecoint:0956
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    References listed on IDEAS

    as
    1. Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014, September.
    2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    3. Musgrave, R.A., 1985. "A brief history of fiscal doctrine," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 1, chapter 1, pages 1-59, Elsevier.
    4. Gauti B. Eggertsson & Paul Krugman, 2012. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(3), pages 1469-1513.
    5. Cosimo Perrotta, 1997. "The Preclassical Theory of Development: Increased Consumption Raises Productivity," History of Political Economy, Duke University Press, vol. 29(2), pages 295-326, Summer.
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    More about this item

    Keywords

    Public Debt; History of Economic Thought;

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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