Market Power Theory of Inflation

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Market Power Theory of Inflation When one seller or a group of seller in the market combine to establish a 1’1ice different I’Will a cumpctitivc level. we call it the market-power price. Thrx group or groups can raise prices to any level they  hin!” profitable to themselves irrespective of the sut- Icing inflicted Oil the public. Sometimes.this group, market-power […]

PAPER CURRENCY STANDARD

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PAPER CURRENCY STANDARD It is unlikely that. after the experiences of the inter war period, gold standard would be established in the conventional sense by any country. of the world. Gold standard worked more or less automatically under the pre-1914 conditions of trade and finance. The experience of inter-war period, however, showed that  the gold standard required quite a fair […]

Clayton Act (1914)

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Clayton Act (1914) The Clayton Act was passed to clarify and strengthen the Sherman Act. It outlawed tying contracts (in which a customer is forced to buy product B if she wants product A) it ruled price discrimination and exclusive dealings illegal; it banned inter directorates (in which some people would be directors of more than one firm in the […]

FINAL WORD

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FINAL WORD Our introductory survey of government’s role in the economy is a sobering reminder of the responsibility ties and shortcomings of collective action. On the one hand, governments must defend their borders stabilize their economies, protect the public health, and regulate pollution. On the other hand, policies often reflect primarily the attempt to redistribute income from consumers to politically powerful interest groups. Does […]

Incidence of Federal Taxes and Transfers

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Incidence of Federal Taxes and Transfers Figure 16-8 shows the results of a recent study of the incidence of all U.S. taxes and cash transfers; in this figure, transfers are treated as negative taxes and are measured in the negative direction. The interesting contribution of ~s approach is that it examines lift rather than looking at only a year. Thus it […]

THE THORNY PROBLEM OF TAX INCIDENCE

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THE THORNY PROBLEM OF TAX INCIDENCE Who actually ends up paying all these taxes that governments We should not assume that the people or firms that send the tax revenues to the government will end up paying that tax; Just because the oil company sends the gasoline-tax receipts to the Treasury does not mean that the taxes come out of the […]

Efficiency vs. Fairness

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Efficiency vs. Fairness Economists have long been concern ..ed with the impact of taxes on economic efficiency, Recall from Chapter 14 that Henry George argued that a tax 011 land will have little on efficiency because the But economics and politics do 1101 run 011 efficiency alone. “While stiff taxation 01 land rents food might be efficient. man would think […]

TAXES AND EFFICIENCY

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TAXES AND EFFICIENCY Taxes affect both economic efficiency and the distribution of income. In recent years, the impacts on efficiency have become a principal concern of tzx policy as economists and policymakers study the effect of incentives upon individual and business behavior. In tax policy. this involves primarily the question of how people respond to different levels of marginal tax rates . […]

Other Taxes

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Other Taxes Most other state taxes are closely related to the analogous federal taxes. States get most of their revenues from emerald sales taxes on goods and services. Each purchase at the department store or restaurant incurs a percentage tax (food and other necessities are exempt in some states). States tax the net income of corporations. Forty-five states imitate the federal […]

Property Tax

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Property Tax The property is levied primarily on real estate land and buildings. Each locality sets an annual tax rate which is levied on the assessed value of the land and structures. In many localities, the assessed value may be much smaller than the true market value:. The property tax accounts for about 30 percent of the total revenues of state […]