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Empirical data is presented suggesting that high private and, to a lesser extent, public debt levels place a strong drag upon economic growth. A simple, demand-based, cash flow (DBCF) model of the economy is developed, separating out flows by marginal propensity to spend. This approach is both...
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Vickrey's fundamental contributions to the economic theory of incentives, which he applied to the areas of taxation, auction … theory, and pricing. His work focused on the economics of asymmetric and private information. Critics of Vickrey's full …
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