How do fluctuations in Keynes’s notion of aggregate effective demand and their nominal income and expenditure counterparts divide into output and price level changes? Friedman called this the “missing equation” problem, and declared that neither Keynesians, nor Monetarists, nor he had...

This paper examines the economic and related consequences of immigration from a less developed country (LDC) to a developed country (DC) in three different stylized cases: A guest worker society of the Dubai type, an immigrant society of the US type, and a tax-based welfare state with...

The increasing globalization of economic activity is bringing an awareness of the international consequences of tax policy. The move toward the common European market in 1992 raises the important question of how inefficiencies in the various tax systems—such as self-defeating tax competition...