aversion on savings separately and determine which coefficient is more important factor for precautionary savings. This is an … important question since a significant fraction of the capital accumulation is due to precautionary savings according to … literature. Thus, knowing the important determinant of precautionary savings will be helpful to understand the capital …

Perhaps the most serious ethical and political obstacle to converting an income tax to a consumption tax is that older … persons who have accumulated wealth after paying income tax will be taxed again under the new consumption tax if they spend …