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Government Debt and the Future of Economics
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What is the difference between government debt and private debt?
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A
Government debt is owed to domestic individuals and institutions, while private debt is owed to domestic banks.
💡 Explanation:
Government debt is the total amount of money that a government owes to its creditors. This debt can be owed to domestic individuals and institutions, such as banks, pension funds, and insurance companies, or to foreign governments and institutions.