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Persistent link: https://www.econbiz.de/10005497212
Chinese historians speak of dynastic cycles where periods of economic progress and decline coincide with the rise and fall of families of rulers, while economists speak of societies without technical change or involuntary unemployment as evolving into stationary states. This paper alters the...
Persistent link: https://www.econbiz.de/10005497247
Through tax evasion, through the labour-leisure choice or in other ways, taxpayers reduce the tax base in response to an increase in the tax rate. The process is commonly-believed to generate a humped Laffer curve with a revenue-maximizing tax rate well short of 100%. That need not be so. In the...
Persistent link: https://www.econbiz.de/10011098363
We know that people strike bargains and that civilized life could not proceed otherwise. We do not know how bargains are struck. We have no explanation of bargaining, comparable to the general equilibrium in the economy, accounting for essential features of bargaining as we know it with...
Persistent link: https://www.econbiz.de/10004964416
From the Wealth of Nations to the present day, there has been a great cycle of opinion about the source of inefficiency, from Smith's sharp and unqualified contrast between private sector enterprise and public sector sloth, to Mill's qualified and reluctant allowance of large domains with the...
Persistent link: https://www.econbiz.de/10005653099
The marginal cost of public funds is the equilibrium price at the intersection of the appropriately-defined demand curve for and the supply curve of public expenditure. In a world with identical people and with no excess burden of taxation, that price would have to be 1. Otherwise the median...
Persistent link: https://www.econbiz.de/10005653105
Intensity of preference would be irrelevant to the outcome of public decision-making by majority-rule voting if each issue were resolved in a separate plebiscite. It is not irrelevant when issues are combined in platforms of political parties. Preference intensity can be represented as a...
Persistent link: https://www.econbiz.de/10005653106
Personal goods, such as leisure and life expectancy, have no unique market price which is the same for everybody. When personal goods are arguments in the utility fucntion and when everybody's utility function is the same, the valuation of personal goods is higher for rich people than for poor...
Persistent link: https://www.econbiz.de/10005653122
Persistent link: https://www.econbiz.de/10005653206
This paper attempts to identify the costs and benefits of programs of firm-specific investment grants. The benefits arise from a divergence between private and social returns, such as might occur when new products are created or when workers are employed in depressed regions. The primary cost is...
Persistent link: https://www.econbiz.de/10005653227