Environment, growth, and optimal policy design

Article Abstract:

The potential of sustained long-run economic growth under optimal policy designs is studied based on an examination of a dynamic representative agent model where the environment enters into the utility and production functions. The optimal policy designs that are analyzed are production taxes or subsidies and quantitative restrictions. The equilibrium path of growth and the socially efficient path are used in deriving optimal policy instruments. Combining quantity controls and optimal tax schemes results in a higher level of social welfare than an optimal tax scheme alone.

Administration of Urban Planning and Community and Rural Development, Economic Development NEC, Economic aspects, Environmental aspects, Economic development, Ecology

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A rational expectations model for tax policy analysis: an evaluation of tax incentives for the textile, chemical and pharmaceutical industries of Pakistan

Article Abstract:

A model using intertemporal data was used to incorporate elements of rational expectations such as the rental rates of capital services in an effort to determine the effect of tax policies on certain industries. Data from the textile, chemical and pharmaceutical industries in Pakistan were used. Results show that for the latter two industries, the tax credits produced benefits in excess of costs. On the other hand, the textile industry incurred more costs than benefits.

Pharmaceutical Preparation Manufacturing, Chemicals & Allied Products, Chemical Manufacturing, Pharmaceutical preparations, CHEMICALS AND ALLIED PRODUCTS, TEXTILE MILL PRODUCTS, All Other Textile Product Mills, Apparel Textiles, Research, Models, Taxation, Pharmaceutical industry, Drugs, Chemicals, Pakistan, Chemical industry, Tax policy, Clothing, Textile industry, Textiles, Tax incentives, Rational expectations (Economics)

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