Are consumption taxes really better than income taxes?

Article Abstract:

The political-equilibrium theory and the neoclassical growth model are used for the study and comparison of consumption and income tax systems. Findings reveal that income taxes are generally more beneficial, since their higher distortionary cost induce higher output and imply low equilibrium transfer levels. Switching tax systems would only serve as a possible disadvantage to the median voter.

Public Finance Activities, Personal Income Taxes, Evaluation, Income tax, Personal income tax, Neoclassical economics, Consumption taxes

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Investment and liquidation in renegotiation-proof contracts with moral hazard

Article Abstract:

The study explains whether the liquidation of the firm can arise in a renegotiation-proof contract when liquidation is not free from renegotiation in the long-term contract. The studies show that a firm can be liquidated in the renegotiation-proof contract even if liquidation is not free from renegotiation in the long-term contract.

United States, Analysis, Liquidity (Finance), Investment management

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Politico-economic equilibrium and economic growth

Article Abstract:

Methodological issues are discussed regarding models of politico-economic equilibrium. An approach to studying sequential policy determination is recommended on the assumption that agents think rationally of policy choices under consideration, and that policies are determined sequentially.

Economics, Research and Development in the Social Sciences and Humanities, Economic research

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