why did classical economists oppose public debt
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For the classical economists governments must be as prudent as households; they must balance budgets and refrain from burdensome debt accumulations. ... The classical theory denied that deficit spending added anything to production; indeed, it only diverted private savings from productive purposes.
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For the classical economists governments must be as prudent as households; they must balance budgets and refrain from burdensome debt accumulations. ... The classical theory denied that deficit spending added anything to production; indeed, it only diverted private savings from productive purposes
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