This article draws attention to the interdependence of regulation and taxation. The authors analyze the nature of policy equilibrium, as well as the implications of historically important political and economic shocks, for the joint use of the two policy instruments in a framework that embodies...

We explore the nature of tax complexity in competitive political systems. The analysis does not rely upon imperfections in the operation of the public sector. Complexity arises in the course of the struggle for office, during which political parties are induced to propose platforms that...

The paper examines the application of the concept of economic efficiency to collective decision processes and public sector institutions. We show that the existence of transactions costs and of collective decision-making procedures requires a broader framework for judging policy processes and...

The paper investigates the distributional basis for benefit-cost analysis when utility functions are independent. The change in utility for any individual caused by a given project can be written as the product of the marginal utility of income (Λ) and the income equivalent (measured by the...