1,721,019 research outputs found
Taxing capital income as Pigouvian correction: the role of discounting future
No full textIn this work, we find that the zero capital income tax result might not hold, even at thesteady state, when the government discount rate differs from the individual one. Asintuitive Pigouvian considerations would suggest, capital income should be taxed(subsidized) when the government is less (more) impatient than individuals are. However,a counterintuitive asymmetry emerges as for the steady state since, in the long run, capitalincome cannot be taxed because of the explosive distortionary effect of positive taxes. Theasymmetry is ruled out with a logarithmic utility function because, in this case, theanticipated policy path does not affect current individual choices and thus the cumulativedistortionary effect of taxes disappears
Accounting for the disconnectedness of the economy in OLG models: a case for taxing capital income
No full textThe paper extends the works by Judd [K.L. Judd, Redistributive Taxation in a Simple Perfect Foresight Model, J. Public Econ.28 (1985), 59–83.] and Chamley [C. Chamley, Optimal taxation of capital income in general equilibrium with infinite lives,Econometrica, 54 (1986), 607–622.], who establish that in the long run the capital income tax should be zero, by considering adiscrete time version of the Blanchard–Buiter–Weil perpetual youth model. We show that an independent source of non-zerotaxation arises whenever the economy is “disconnected” and this feature is properly taken into account by the policymaker. Moreprecisely, if the weight attached to each cohort in the social welfare function equals the corresponding actual share in thepopulation, there is a force pushing towards positive taxation of capital income, which acts as a Pigouvian intervention. Moreover,room for this intertemporal correction shrinks as the relative weight of a cohort tends to zero: thus, the optimal tax rate decreaseswith age and tends to zero for the oldest. We also show that our result depends neither on life-cycle behavior, as pointed out by the previous literature on OLG models, nor on population growth
Lo stato sociale come fornitore pubblico di beni privati
No full textAlla fine della lettura di questo capitolo lo studente sarà in grado di:
A. individuare le tipologie dello Stato Sociale in base al tipo di finanziamento
B. distinguere fra loro le varie funzioni che lo Stato Sociale può svolgere
C. valutare criticamente le possibili motivazioni dell'esistenza dello Stato Social
Le funzioni del benessere sociale
No full textAlla fine della lettura di questo capitolo lo studente sarà in grado di:
A. identificare i limiti dell'ottimalità paretiana
B. capire come la teoria economica si è proposta di superare tali limiti
C. discutere la visione economica delle teorie della giustizia
D. distinguere fra le situazione di first-best e di second-best
E. comprendere il trade-off equità-efficienz
From radicalism to complacency: Henry W. Macrosty’s evolving views on industrial concentration
No full textIn a series of works dating from 1899 to 1907, mostly authored on behalf of the Fabian Society, economist and statistician Henry W. Macrosty dealt with a crucial economic issue of the time, the rising concentration and spread of combinations in British industry. His analysis was quite original, disregarding the then-dominant Marshallian views and, at least initially, endorsing a radical proposal for the nationalization of monopolies. While eventually converging to more moderate positions, Macrosty pioneered several new ideas, including the first systematic use of the distinction between vertical and horizontal integration
How magical are Ricardo’s four magic numbers?
No full textThe analysis of Ricardo’s thought conducted by Carlo Casarosa from the 1970s
onwards was an important part of a theoretical movement that challenged neo-
Ricardian interpretations11, but not the importance of the analysis of international
trade and what has always been considered its most important outcome,
comparative cost theory. Subjected to much criticism, the theory still plays a
central role in contemporary debate. In this context, the hypothesis of the effects
of an improvement in the production of luxury goods depends on the social and
economic context in which it occurs. The absence of an entrepreneurial class, as
in the countries studied by the economists of the “dependency theory”, excludes
any beneficial spill-over effects for the workers, as there is no accumulation for
productive investment. An element that recalls the difficulties, both theoretical
and practical, that development economics has always encountere
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