Can the relationship between growth, debt, inflation and taxation be expressed as a conservation law?

What you are looking for a view that does not contain black holes. That's what Wynne Godley wanted. Eventually, he came up with one. Check his work with Marc Lavoie. Monetary Economics: An integrated approach to credit, money, income, production and wealth. Modern Monetary theory extends this further.

Today,? MMT folks and many post Keynesians consider Godley's sectoral balances identity as obvious (or as axiom). When he first came up with that identity, he found it to be revealing, not so obvious.

Source: http://www.quora.com/Economics/Can-the-relationship-between-growth-debt-inflation-and-taxation-be-expressed-as-a-conservation-law/answer/Pedro-Alvarez-1

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