When it comes to its national debt, how much ruin is there in a nation?
Our question about the amount of ruin in a nation actually traces back to the surrender of British troops under the command of John Burgoyne at the Battle of Saratoga in October 1777 during the American Revolution, when a contemporary of Adam Smith lamented that the nation was ruined, to which Smith replied “There is a great deal of ruin in a nation.”
But can we quantify how much ruin that might be?
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