Misconceptions Induced by the Ricardian Equivalence Theorem and Optimization of Public Debt Mechanisms
The Ricardian Equivalence Theorem is a topic discussed from time to time in academic circles.Based on a scholarly review and a synthesis of research findings,this paper systematically discusses a series of key issues related to the Ricardian Theorem from an expanded perspective.It points out that up to ten assumptions of the theorem are unfulfilled in the real world,highlighting its overly simplistic na-ture.The discussion identifies six perspectives from which the"non-equivalence"issues can be under-stood.Additionally,after outlining the empirical understanding of the rationality and irreplaceability of public debt,the paper clearly elucidates the conceptual framework of the public debt scale effect curve.Subsequently,it specifically discusses five key points and recommendations for optimizing the public debt management system and operating mechanism in China.
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