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Optimal Tax
Optimal tax theory or the theory of optimal taxation is the study of designing and implementing a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelated elements that act accord ... that maximises a social welfare functionIn welfare economics, a social welfare function is a function (mathematics), function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifference curve, indifferent for every possible ... subject to economic constraints. The social welfare function used is typically a function of individuals' utilities A public utility company (usually just utility) is an organization that maintains the infrastructure Infrastructure is the set of fundamental facilities and systems that support the sustainable functionality of households a ...
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Social Welfare Function
In welfare economics, a social welfare function is a function (mathematics), function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifference curve, indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society. In using welfare measures of persons in the society as inputs, the social welfare function is methodological individualism, individualistic in form. One use of a social welfare function is to Mathematical problem, represent prospective patterns of collective choice as to alternative social states. The social welfare function provides the government with a simple guideline for achieving the optimal distribution of income. The social welfare function is analogous to the consumer theory of indifference curve, indifference-curve–budget constraint tangency for an individual, except that the social welfare function i ...
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Vertical Equity
Equity, or economic equality, is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics. More specifically, it may refer to equal opportunity, equal life chances regardless of identity, to provide all citizens with a basic and equal minimum of income, goods, and services or to increase funds and commitment for redistribution.Kate Bird 2009Building a fair future: why equity matters. London: Overseas Development Institute Overview There are three distinct categories of substantive fairness (equality, equity, and reciprocity) that must be combined and balanced in order to achieve a truly fair society. Inequality and inequities have significantly increased in recent decades, possibly driven by the worldwide economic processes of globalisation, economic liberalisation and integration. This has led to states 'lagging behind' on headline goals such as the Millennium Development Goals (MDGs) and different levels of inequity between states ...
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Income Tax
An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelated elements that act accord ... imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable incomeTaxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The ...). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax A progressive tax is a tax A tax is a compulsory ...
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Joel Slemrod
Joel B. Slemrod (born July 14, 1951) is an American economist and academic, currently serving as a professor of economics at the University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $8.99 billion (2018) , endowment = $17 billion (2021)As of October 25, 2021. ... and the Paul W. McCracken Collegiate Professor of Business Economics and Public Policy at the Stephen M. Ross School of Business at the University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $8.99 billion (2018) , endowment = $17 billion (2021)As of October 25, 2021. .... Education He earned a Bachelor of Arts degree from Princeton University Princeton University is a private Private or privates may refer to: Music * "In Private "In ...
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OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de Coopération et de Développement Économiques, OCDE) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy Democracy ( gr, δημοκρατία, ''dēmokratiā'', from ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government A government is the system or group of people governing an organized community, generally a State (polit ... and the market economy A market economy is an economic system An economic system, or economic order, is a system of Production (economics), production, allocation of resources, resource allocation and Distribution (economics), distribution of goods and services wit ..., providing a platform to compare policy experiences, seek answers to common problems, identify good p ...
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Flat Tax
A flat tax (short for flat-rate tax) is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelated elements that act accord ... with a single rate on the taxable amount, after accounting for any deductions Deduction may refer to: Philosophy * Deductive reasoning, inference in which the conclusion is of greater generality than the premises * Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as ... or exemptions from the tax base. It is not necessarily a fully proportional tax A proportional tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal person is any person A person (plural people or persons) is a being that .... Implementations are often ...
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Gregory Mankiw
Nicholas Gregory Mankiw (; born February 3, 1958) is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics. Mankiw has written widely on economics and economic policy. , the Research Papers in Economics, RePEc overall ranking based on academic publications, citations, and related metrics put him as the 45th most influential economist in the world, out of nearly 50,000 registered authors. He was the 11th most cited economist and the 9th most productive research economist as measured by the h-index. In addition, Mankiw is the author of several best-selling textbooks, writes a popular blog,For Greg Mankiw's blog, see and has since 2007 written approximately monthly for the Sunday business section of ''The New York Times.'' According to the Open Syllabus Project, Mankiw is the most frequently-cited author on college syllabi for economics courses. Mankiw is ...
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David Bradford (economist)
David Frantz Bradford (January 8, 1939 – February 22, 2005) was a prominent American Economics, economist and professor of economics and public affairs in the Woodrow Wilson School at Princeton University.• Eric Quinones Christopher Lehmann-Haupt (February 22, 2005)David Bradford, Princeton economist and tax expert, dies,"''News at Princeton''.• Christopher Lehmann-Haupt (February 24, 2005)"David Bradford, 66, Economist Who Advocated Tax Reform, Dies,"''New York Times''. Bradford was born in Cambridge, Massachusetts. After his graduation from Amherst College in 1960, Bradford studied at MIT and Harvard (M.S., Applied Mathematics, 1962). In 1966 he earned his doctorate in economics from Stanford University. He was awarded the degree of Doctor of Humane Letters by Amherst College in 1985. From 1991 to 1993, he served as a member of the President's Council of Economic Advisors (George H. W. Bush). He had previously served as Deputy Assistant Secretary for Tax Policy in the Unit ...
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William J
William is a male Male (symbol: ♂) is the sex of an organism that produces the gamete (sex cell) known as sperm, which fuses with the larger female gamete, or ovum, in the process of fertilization. A male organism cannot sexual reproduction, reproduce sexually ... given name of Germanic Germanic may refer to: * Germanic peoples, an ethno-linguistic group identified by their use of the Germanic languages ** List of ancient Germanic peoples and tribes * Germanic languages :* Proto-Germanic language, a reconstructed proto-language of ... origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press Oxford University Press (OUP) is the university press of the University of Oxford. It is the largest university press in the world, and the second oldest after Cambridge University Press. It is a department of the University of Oxford and is g ..., 2nd edition, , p. 276. It became very popular in the English language English is a ...
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James Mirrlees
Sir James Alexander Mirrlees (5 July 1936 – 29 August 2018) was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered .... He was knighted A knight is a person granted an honorary title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official position, or a professional or academic qualification. In so ... in the 1997 Birthday Honours. Early life and education Born in Minnigaff Minnigaff is a village and civil parish In England, a civil parish is a type of administrative parish used for local government. It is a territorial designation which is the lowest tier of local government below districts and cou ...
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Peter Diamond
Peter Arthur Diamond (born , 1940) is an American economist An economist is a professional and practitioner in the social science Social science is the Branches of science, branch of science devoted to the study of society, societies and the Social relation, relationships among individuals within t ... known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ... in 2010, along with Dale T. Mortensen and Christopher A. Pissarides. He is an Institute Professor Institute professor is the highest title that can be awarded to a faculty member at the Massachusetts Institu ...
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Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand In economics, the income elasticity of demand is the responsivenesses of the quantity demanded for a good to a change in consumer income. It is measured as the ratio of the percentage change in quantity demanded to the percentage change in income ... for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticit ...
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