Paul Mills, senior economist at an intergovernmental organization, questions the conventional wisdom on debt while discussing rising debt levels and if the levels are sustainable. Mills contends that debt is given unfair advantage over equity; it is cheaper only initially, its full costs are realized over time and result in externalities. He further explains that it is for reasons such as politics and path dependence that the economy does not move away from debt towards alternative means of financing.
This episode of the Take 15 Series was originally released on 13 May 2014.
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