Public Debt

Public debt has been in the news in the last few months, along with fears of double-dip recession, e.g., “World Debt Crisis: Eight Reasons You Should Care” (Christian Science Monitor), “Double-Dip Recession: Q&A” (Telegraph), “Portugal Downgrade Rekindles Europe Debt Crisis” (AFP), and “Q+A-Does Japan Face a Greek-Like Debt Crisis?” (Reuters).

The interdisciplinary number for public debt is 336.34 Public debt, as indicated by the Relative Index entry without subentry:
Public debt           336.34
An example of a work classed in 336.34 is Sustainability of Public Debt.  Regular standard subdivision notation is used for interdisciplinary works on the public debt of a specific country; for example, The Public Debt of the United States: An Historical Perspective, 1775–1990 is classed in 336.340973 Public debt of the United States (built with 336.34 Public debt plus T1—09 Geographic treatment plus T2—73 United States, following instructions at T1—093–099 Treatment by specific continents, countries, localities; extraterrestrial worlds).

A see-reference leads from 336.34 Public debt to 336.36 Debt management.  Examples of works classed in 336.36 are Restructuring Sovereign Debt: The Case for Ad Hoc Machinery and Government Debt Management: New Trends and Challenges.

What about public debt and budget deficits in relation to long-term macroeconomic concerns? In the Relative Index is
Public debt—macroeconomic policy       339.523  
The number 339.523 Budget surpluses and deficits has in its upward hierarchy:
339.5 Macroeconomic policy
339.52 Use of fiscal policy

Examples of works classed in 339.523 are Budget Deficits and Macroeconomic Policy and The Political Economy of Fiscal Policy: Public Deficits, Volatility, and Growth.

If the choice between 336 Public finance and 339 Macroeconomics and related topics is difficult, the Manual entry 332, 336 vs. 339 gives general guidance:

Use 332 and 336 for works on economic topics considered in their own right, e.g., monetary activities of central banks 332.112. Use 339 if the topics are discussed in relation to the total economic picture of a country or region, since macroeconomics is the study of the economy as a whole, especially with reference to its general level of output and income and the interrelationships among sectors of the economy, e.g., activities of central banks undertaken primarily to carry out macroeconomic policy 339.53. If in doubt, prefer 332 and 336.

Also, at 336.3 Public debt and expenditures are these notes: “Class here fiscal policy, comprehensive works on monetary and fiscal policy” and “For use of fiscal and monetary policy in economic stabilization, see 339.5.” At 336.36 Debt management is the note: “See also 339.523 for deficit financing in macroeconomic policy.”

What about public debt in relation to economic fluctuations (338.54 Economic fluctuations)?  At 339.5 Macroeconomic policy is a see-reference to 338.543 Remedial and preventive action: “For measures to control economic fluctuations, see 338.543.”  Since see-references have hierarchical force, topics that would otherwise be classed in subdivisions of 339.5 are classed in 338.543 if the focus is on controlling economic fluctuations.  Works classed in 338.543 may focus on one kind of action, or many kinds, possibly but not necessarily involving public debt.  Examples of works classed in 338.543 Remedial and preventive action are Recovery from Crisis: Policy Alternatives for Equitable Development and Credit, Currency, or Derivatives: Instruments of Global Financial Stability or Crisis?

We have already written about general works on economic fluctuations (see previous blog “Prosperity or Depression”) and discussed 338.542 Business cycles. At 338.542 is a class-elsewhere note: “Class remedial and preventive measures in 338.543.”