Professor Hall and Professor Thomas Sargent, a 2011 Nobel Prize Winner in Economics from NYU, ask the question “Can we learn from previous instances of fiscal prioritisation?” in their article “Fiscal Prioritisation: Lessons from Three Wars.”

Hall & Sargent go on to write, “This column surveys the US Treasury’s response to three wars – the Revolutionary War, The War of 1812 and the Civil War. Contemporary advocates of engaging in fiscal discrimination might ponder the actions of previous US Presidents Madison and Grant, who honoured all existing federal obligations despite challenging fiscal conditions.”

The full text of the article can be found here.


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