Anthony B. Atkinson
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271412
- eISBN:
- 9780191601255
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271410.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The recent rise in inequality in the distribution of disposable income in many, although not all, countries has led to a search for explanations, particularly since for much of the postwar period ...
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The recent rise in inequality in the distribution of disposable income in many, although not all, countries has led to a search for explanations, particularly since for much of the postwar period falling income inequality has been the norm. In the OECD countries, on which this chapter concentrates, the cause has been identified as rising wage dispersion, coupled with persistent unemployment in Europe. However, a number of factors need to be brought into any explanation of the extent and timing of changes in income distribution, including movements in factor shares, changes in real interest rates, and the impact of the government budget. This chapter focusses on the last of these. It has five sections: Introduction; Redistributive Impact of the Government Budget in selected OECD countries—a review of the statistical evidence from five OECD countries where a time series of studies covering the 1980s and the 1990s is available (UK, Canada, West Germany, Finland, Sweden; The Government Budget in Principle and Policy Reaction to Demographic Shifts—a simple framework within which the distributional implications of different government policy responses to changes in economic conditions and the different elements influencing the choice of response are explored; Policy Changes in Redistributive Taxes and Transfers: Case Studies of Unemployment Benefit and Personal Taxation—in the five European countries already studied, and in the US; and Summary of Conclusions.Less
The recent rise in inequality in the distribution of disposable income in many, although not all, countries has led to a search for explanations, particularly since for much of the postwar period falling income inequality has been the norm. In the OECD countries, on which this chapter concentrates, the cause has been identified as rising wage dispersion, coupled with persistent unemployment in Europe. However, a number of factors need to be brought into any explanation of the extent and timing of changes in income distribution, including movements in factor shares, changes in real interest rates, and the impact of the government budget. This chapter focusses on the last of these. It has five sections: Introduction; Redistributive Impact of the Government Budget in selected OECD countries—a review of the statistical evidence from five OECD countries where a time series of studies covering the 1980s and the 1990s is available (UK, Canada, West Germany, Finland, Sweden; The Government Budget in Principle and Policy Reaction to Demographic Shifts—a simple framework within which the distributional implications of different government policy responses to changes in economic conditions and the different elements influencing the choice of response are explored; Policy Changes in Redistributive Taxes and Transfers: Case Studies of Unemployment Benefit and Personal Taxation—in the five European countries already studied, and in the US; and Summary of Conclusions.
Marc Mulholland
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9780199653577
- eISBN:
- 9780191744594
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199653577.003.0002
- Subject:
- History, World Modern History, History of Ideas
This chapter discusses the relationship, in historical and theoretical terms, between capitalism and the state, and between the tax-state and early modern absolutism. The case study of British ...
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This chapter discusses the relationship, in historical and theoretical terms, between capitalism and the state, and between the tax-state and early modern absolutism. The case study of British development from the Elizabethan Age, through the Civil Wars of the 1640s and the Glorious Revolution, into the eighteenth-century is considered. The particular model of British constitutionalism – balancing a strong executive state with vibrant parliamentarianism fostering commercialism - is outlined. In a return to historicized theory, the question is discussed of what agency – bourgeoisie, aristocracy, or state – is prior in constitutional modernization.Less
This chapter discusses the relationship, in historical and theoretical terms, between capitalism and the state, and between the tax-state and early modern absolutism. The case study of British development from the Elizabethan Age, through the Civil Wars of the 1640s and the Glorious Revolution, into the eighteenth-century is considered. The particular model of British constitutionalism – balancing a strong executive state with vibrant parliamentarianism fostering commercialism - is outlined. In a return to historicized theory, the question is discussed of what agency – bourgeoisie, aristocracy, or state – is prior in constitutional modernization.
Wilson Wong and Raymond Yuen
- Published in print:
- 2012
- Published Online:
- January 2013
- ISBN:
- 9789888139477
- eISBN:
- 9789882208681
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139477.003.0012
- Subject:
- Society and Culture, Asian Studies
This chapter examines two aspects of economic policy: fiscal policy and industrial policy. The findings reject the “market economy” image of Hong Kong, and show that political considerations often ...
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This chapter examines two aspects of economic policy: fiscal policy and industrial policy. The findings reject the “market economy” image of Hong Kong, and show that political considerations often override economic logic in shaping economic policy. In Hong Kong, economic ideology is frequently used as a tool to legitimate political choices about the economy, which are often biased towards the benefit of more privileged groups. The best example of how power distribution shapes resource allocation is the fiscal system, under which the politically powerful are often taxed less but benefit more. The political system dominated by the rich and powerful also deprives the government of sufficient state capacity and state autonomy for carrying out effective industrial policies to transform and restructure the economy.Less
This chapter examines two aspects of economic policy: fiscal policy and industrial policy. The findings reject the “market economy” image of Hong Kong, and show that political considerations often override economic logic in shaping economic policy. In Hong Kong, economic ideology is frequently used as a tool to legitimate political choices about the economy, which are often biased towards the benefit of more privileged groups. The best example of how power distribution shapes resource allocation is the fiscal system, under which the politically powerful are often taxed less but benefit more. The political system dominated by the rich and powerful also deprives the government of sufficient state capacity and state autonomy for carrying out effective industrial policies to transform and restructure the economy.
Michael Littlewood
- Published in print:
- 2010
- Published Online:
- September 2011
- ISBN:
- 9789622090996
- eISBN:
- 9789882207455
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789622090996.003.0005
- Subject:
- Economics and Finance, South and East Asia
This chapter examines Sir Arthur Clarke's term as Financial Secretary and the works of the First Review Committee. Clarke had arrived in the Colony in 1930 and served as Commissioner of War Taxation ...
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This chapter examines Sir Arthur Clarke's term as Financial Secretary and the works of the First Review Committee. Clarke had arrived in the Colony in 1930 and served as Commissioner of War Taxation in 1940 and 1941. After the war, he was promoted to Deputy Financial Secretary under Follows and secured the top job when Follows retired at the end of 1951. In 1952, Governor Alexander Grantham established the First Inland Revenue Ordinance Review Committee to review the Inland Revenue Ordinance. Clarke served as the Committee's chairman, but as will be seen, its terms of reference forbade it to consider the possibility that Hong Kong should have a normal income tax, or that the schedular taxes should be extended to cover offshore income.Less
This chapter examines Sir Arthur Clarke's term as Financial Secretary and the works of the First Review Committee. Clarke had arrived in the Colony in 1930 and served as Commissioner of War Taxation in 1940 and 1941. After the war, he was promoted to Deputy Financial Secretary under Follows and secured the top job when Follows retired at the end of 1951. In 1952, Governor Alexander Grantham established the First Inland Revenue Ordinance Review Committee to review the Inland Revenue Ordinance. Clarke served as the Committee's chairman, but as will be seen, its terms of reference forbade it to consider the possibility that Hong Kong should have a normal income tax, or that the schedular taxes should be extended to cover offshore income.
Peter Dunbar and Mike Haridopolos
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780813066127
- eISBN:
- 9780813058337
- Item type:
- chapter
- Publisher:
- University Press of Florida
- DOI:
- 10.5744/florida/9780813066127.003.0009
- Subject:
- History, American History: 20th Century
The structure of Florida’s government and the state’s public policies have been transformed during the modern two-party era, and the chapter identifies the contributions made by the Republican ...
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The structure of Florida’s government and the state’s public policies have been transformed during the modern two-party era, and the chapter identifies the contributions made by the Republican partisans during that transformation. The chapter includes a narrative of the Republican dogma in areas of public policies, including criminal justice and prison reform; taxation and economic incentives; consumer protection; and environmental reform, including reform for the Florida Everglades. The chapter discusses the policy changes that occurred in bipartisan efforts between Republicans and Democrats; it describes the policy changes in the wake of the Republican majority, including changes in school choice and other areas; and it contrasts the changes from the policies of the one-party, Pork Chop era, to the two-party system.Less
The structure of Florida’s government and the state’s public policies have been transformed during the modern two-party era, and the chapter identifies the contributions made by the Republican partisans during that transformation. The chapter includes a narrative of the Republican dogma in areas of public policies, including criminal justice and prison reform; taxation and economic incentives; consumer protection; and environmental reform, including reform for the Florida Everglades. The chapter discusses the policy changes that occurred in bipartisan efforts between Republicans and Democrats; it describes the policy changes in the wake of the Republican majority, including changes in school choice and other areas; and it contrasts the changes from the policies of the one-party, Pork Chop era, to the two-party system.
Yue Chim Richard Wong
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9789888139446
- eISBN:
- 9789888180349
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888139446.003.0014
- Subject:
- Society and Culture, Asian Studies
Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations ...
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Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations adopted by governments are implemented out of public interest. It shows why it can be misleading to regard “cross-subsidies” as acts of pure corporate social responsibility. It also explains why the regulations advocated by green groups to reduce pollution can be inefficient. It examines regulations in foreign countries and shows that they are not flawless.Less
Governments usually intervene through taxation or regulation to manipulate market decisions as well as their outcomes. This chapter guides readers into thinking about the extent to which regulations adopted by governments are implemented out of public interest. It shows why it can be misleading to regard “cross-subsidies” as acts of pure corporate social responsibility. It also explains why the regulations advocated by green groups to reduce pollution can be inefficient. It examines regulations in foreign countries and shows that they are not flawless.
Emre Üşenmez
- Published in print:
- 2010
- Published Online:
- May 2015
- ISBN:
- 9781845861018
- eISBN:
- 9781474406239
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9781845861018.003.0006
- Subject:
- Law, Constitutional and Administrative Law
This Chapter considers the fiscal regime applying to operations on the UK Continental Shelf, with a particular focus on those elements of taxation that are specific to the oil and gas industry. The ...
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This Chapter considers the fiscal regime applying to operations on the UK Continental Shelf, with a particular focus on those elements of taxation that are specific to the oil and gas industry. The discussions include the Petroleum Revenue Tax, Ring Fence Corporation Tax and the Supplementary Charge. The Chapter subsequently speculates on the future direction of upstream taxation: given the extent of fiscal instability that has characterised the history of the UKCS as a hydrocarbon province and given the economic position of the country at present and for the foreseeable future, how will the Government strike the balance between regarding the industry as a cash cow to be milked when times are tough and the need to encourage continuing investment in the mature province to ensure maximum recovery?Less
This Chapter considers the fiscal regime applying to operations on the UK Continental Shelf, with a particular focus on those elements of taxation that are specific to the oil and gas industry. The discussions include the Petroleum Revenue Tax, Ring Fence Corporation Tax and the Supplementary Charge. The Chapter subsequently speculates on the future direction of upstream taxation: given the extent of fiscal instability that has characterised the history of the UKCS as a hydrocarbon province and given the economic position of the country at present and for the foreseeable future, how will the Government strike the balance between regarding the industry as a cash cow to be milked when times are tough and the need to encourage continuing investment in the mature province to ensure maximum recovery?
Joel Slemrod and Christian Gillitzer
- Published in print:
- 2014
- Published Online:
- May 2014
- ISBN:
- 9780262026727
- eISBN:
- 9780262319003
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262026727.001.0001
- Subject:
- Economics and Finance, Financial Economics
Despite its theoretical elegance and the substantial insights it has provided, the standard optimal tax model has significant limitations. This book argues that tax analysis must move beyond the ...
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Despite its theoretical elegance and the substantial insights it has provided, the standard optimal tax model has significant limitations. This book argues that tax analysis must move beyond the emphasis on tax rates and bases to consider such aspects of taxation as administration, compliance, and remittance. This new tax-systems approach revisits the issue of remittance (who or what entity writes the check to cover tax liability); incorporates administrative and compliance costs; recognized a wide range of behavioral responses to tax rates; considers non-standard instruments such as who or what entity should remit taxes (employer or employee, retailer or consumer); incorporates administrative and compliance costs; recognizes a range of behavioral responses to taxation, including evasion and avoidance; considers non-standard policy instruments such as public disclosure of tax liability and tax enforcement strategies. These issues are taken up formally using the standard analytical tools of public economics, and illustrated with examples from tax policy issues around the world. The challenges for the empirical analysis of tax systems are considered and new approaches are proposed. Promising directions for future research are laid out.Less
Despite its theoretical elegance and the substantial insights it has provided, the standard optimal tax model has significant limitations. This book argues that tax analysis must move beyond the emphasis on tax rates and bases to consider such aspects of taxation as administration, compliance, and remittance. This new tax-systems approach revisits the issue of remittance (who or what entity writes the check to cover tax liability); incorporates administrative and compliance costs; recognized a wide range of behavioral responses to tax rates; considers non-standard instruments such as who or what entity should remit taxes (employer or employee, retailer or consumer); incorporates administrative and compliance costs; recognizes a range of behavioral responses to taxation, including evasion and avoidance; considers non-standard policy instruments such as public disclosure of tax liability and tax enforcement strategies. These issues are taken up formally using the standard analytical tools of public economics, and illustrated with examples from tax policy issues around the world. The challenges for the empirical analysis of tax systems are considered and new approaches are proposed. Promising directions for future research are laid out.
Camille Walsh
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9781469638942
- eISBN:
- 9781469638959
- Item type:
- chapter
- Publisher:
- University of North Carolina Press
- DOI:
- 10.5149/northcarolina/9781469638942.003.0004
- Subject:
- History, African-American History
Chapter Three shifts to state and local court cases in the early 20th century, many of which highlight the different unequal tax structures imposed in mandatory segregation states in the South. ...
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Chapter Three shifts to state and local court cases in the early 20th century, many of which highlight the different unequal tax structures imposed in mandatory segregation states in the South. Whether separate taxation or supposedly "colorblind" taxation, this chapter argues that both of these systems were deployed by all-white school boards and excise boards to ensure that black schools received a tiny fraction of the resources due them and that in many cases African Americans were doubly taxed for the support of white schooling. Finally, this chapter examines the letters written to the NAACP in the 1920s and 1930s as well as news articles and speeches illustrating the importance of the taxpayer citizenship claim made by many African Americans in this period.Less
Chapter Three shifts to state and local court cases in the early 20th century, many of which highlight the different unequal tax structures imposed in mandatory segregation states in the South. Whether separate taxation or supposedly "colorblind" taxation, this chapter argues that both of these systems were deployed by all-white school boards and excise boards to ensure that black schools received a tiny fraction of the resources due them and that in many cases African Americans were doubly taxed for the support of white schooling. Finally, this chapter examines the letters written to the NAACP in the 1920s and 1930s as well as news articles and speeches illustrating the importance of the taxpayer citizenship claim made by many African Americans in this period.
Christopher A. Whatley
- Published in print:
- 2006
- Published Online:
- September 2012
- ISBN:
- 9780748616855
- eISBN:
- 9780748672271
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9780748616855.003.0011
- Subject:
- History, Political History
This chapter considers the immediate impact of the Union, and its failure to deliver what was promised. The nature of post-Union patriotism and anti-Unionism are explored. The basis of support in ...
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This chapter considers the immediate impact of the Union, and its failure to deliver what was promised. The nature of post-Union patriotism and anti-Unionism are explored. The basis of support in Scotland for the Jacobites is investigated, while attention too is drawn to the strength of commitment there was to the Union and its corollary the Hanoverian succession during the Jacobite rising of 1715-16.Less
This chapter considers the immediate impact of the Union, and its failure to deliver what was promised. The nature of post-Union patriotism and anti-Unionism are explored. The basis of support in Scotland for the Jacobites is investigated, while attention too is drawn to the strength of commitment there was to the Union and its corollary the Hanoverian succession during the Jacobite rising of 1715-16.
Tony Fitzpatrick
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9781447300878
- eISBN:
- 9781447311744
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447300878.003.0009
- Subject:
- Political Science, Public Policy
This chapter discusses land, focusing upon housing markets and urban densities. It argues that housing-related poverty has risen due to a property boom, the decline in social housing and a shift in ...
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This chapter discusses land, focusing upon housing markets and urban densities. It argues that housing-related poverty has risen due to a property boom, the decline in social housing and a shift in state subsidies towards income support. It observes that recent housing can also affect the natural environment adversely through the urban sprawl which creates densities lower than are ecologically sustainable. Poverty and sprawl therefore have a common denominator: the rent-seeking behaviour which typically favours owners above non-owners. This behaviour involves the manufacture of scarcities so that those enjoying a positional advantage can maintain their advantages, despite the social and environmental harms such behaviour often creates. The solution is to rebalance priorities so that non-positional goods come to the fore. One way of assisting this is through a Land Value Taxation,Less
This chapter discusses land, focusing upon housing markets and urban densities. It argues that housing-related poverty has risen due to a property boom, the decline in social housing and a shift in state subsidies towards income support. It observes that recent housing can also affect the natural environment adversely through the urban sprawl which creates densities lower than are ecologically sustainable. Poverty and sprawl therefore have a common denominator: the rent-seeking behaviour which typically favours owners above non-owners. This behaviour involves the manufacture of scarcities so that those enjoying a positional advantage can maintain their advantages, despite the social and environmental harms such behaviour often creates. The solution is to rebalance priorities so that non-positional goods come to the fore. One way of assisting this is through a Land Value Taxation,
Ruud de Mooij and Nicodème Gaëtan
- Published in print:
- 2015
- Published Online:
- May 2015
- ISBN:
- 9780262027977
- eISBN:
- 9780262321099
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262027977.003.0001
- Subject:
- Economics and Finance, Financial Economics
The financial crisis has triggered new debates on regulation and taxation of the financial sector. Economists and policy makers were challenged to understand the sequence of events and the complex ...
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The financial crisis has triggered new debates on regulation and taxation of the financial sector. Economists and policy makers were challenged to understand the sequence of events and the complex interactions between financial markets and the real economy—often not captured by economic models. The literature on banking and finance has paid almost no attention to policy design, such as taxation and regulation issues. Only since recently, a new field of research has been emerging that brings together insights from public finance and banking, with the aim to better understand what had happened and how policy could prevent a similar occurrence. This chapter offers a presentation of recent developments in taxation and in regulation of the financial sector. It summarizes the contributions contained in this volume, putting them in perspective, showing their points of agreements and disagreements and displaying their complementarities, pioneering on the critical issues for policy design.Less
The financial crisis has triggered new debates on regulation and taxation of the financial sector. Economists and policy makers were challenged to understand the sequence of events and the complex interactions between financial markets and the real economy—often not captured by economic models. The literature on banking and finance has paid almost no attention to policy design, such as taxation and regulation issues. Only since recently, a new field of research has been emerging that brings together insights from public finance and banking, with the aim to better understand what had happened and how policy could prevent a similar occurrence. This chapter offers a presentation of recent developments in taxation and in regulation of the financial sector. It summarizes the contributions contained in this volume, putting them in perspective, showing their points of agreements and disagreements and displaying their complementarities, pioneering on the critical issues for policy design.
Ruud de Mooij and Gaëtan Nicodème (eds)
- Published in print:
- 2015
- Published Online:
- May 2015
- ISBN:
- 9780262027977
- eISBN:
- 9780262321099
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262027977.001.0001
- Subject:
- Economics and Finance, Financial Economics
The financial crisis has revealed many problems in the transparency and functioning of the financial sector. New debates on regulation and taxation of the financial sector have emerged as economists ...
More
The financial crisis has revealed many problems in the transparency and functioning of the financial sector. New debates on regulation and taxation of the financial sector have emerged as economists and policy makers were challenged to understand the sequence of events and the complex interactions between financial markets and the real economy-often not captured by economic models. This book opens a novel field of research by bringing together insights from public finance and banking, with the aim to better understand what had happened and how policy design of taxation and regulation could prevent a similar occurrence in the future.Less
The financial crisis has revealed many problems in the transparency and functioning of the financial sector. New debates on regulation and taxation of the financial sector have emerged as economists and policy makers were challenged to understand the sequence of events and the complex interactions between financial markets and the real economy-often not captured by economic models. This book opens a novel field of research by bringing together insights from public finance and banking, with the aim to better understand what had happened and how policy design of taxation and regulation could prevent a similar occurrence in the future.
Geoffrey Meen and Christine Whitehead
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9781529211863
- eISBN:
- 9781529211870
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781529211863.003.0013
- Subject:
- Economics and Finance, Economic Systems
Chapter 13 is concerned with owner occupation and discusses both the long history of tax reliefs for this sector and the scope for enabling increases in ownership among younger cohorts in future ...
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Chapter 13 is concerned with owner occupation and discusses both the long history of tax reliefs for this sector and the scope for enabling increases in ownership among younger cohorts in future years. Support has always been closely related to political as much as economic objectives – as well as to the limitations of rental tenures. Consequently, some policies – particularly those concerned with taxation – have been off limits. Nevertheless, many economists are highly critical of the current tax system and have proposed reforms. Falling home ownership rates among the young and indeed the early middle aged are an international phenomenon, but the decline (while currently being slowly reversed) has been greater in the UK than in most other developed economies. The chapter also argues the need for home ownership to be sustainable. This raises the question of the benefits from additions to the standard debt financing model, including greater use of equity finance.Less
Chapter 13 is concerned with owner occupation and discusses both the long history of tax reliefs for this sector and the scope for enabling increases in ownership among younger cohorts in future years. Support has always been closely related to political as much as economic objectives – as well as to the limitations of rental tenures. Consequently, some policies – particularly those concerned with taxation – have been off limits. Nevertheless, many economists are highly critical of the current tax system and have proposed reforms. Falling home ownership rates among the young and indeed the early middle aged are an international phenomenon, but the decline (while currently being slowly reversed) has been greater in the UK than in most other developed economies. The chapter also argues the need for home ownership to be sustainable. This raises the question of the benefits from additions to the standard debt financing model, including greater use of equity finance.
Geoffrey Meen and Christine Whitehead
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9781529211863
- eISBN:
- 9781529211870
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781529211863.003.0014
- Subject:
- Economics and Finance, Economic Systems
Chapter 14 highlights the key themes of the book and their implications for policy. Although there is considerable agreement among economists with regard to the range of required policy reforms - ...
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Chapter 14 highlights the key themes of the book and their implications for policy. Although there is considerable agreement among economists with regard to the range of required policy reforms - including changes to land use planning, taxation, social housing provision, rents and subsidies, and to financial markets - there are external constraints, both political and economic, that impose limitations on even the most positive reforming governments. But the absence of positive policy change in the UK would imply that the worsening affordability and volatility that have often typified housing markets are likely to continue. The book shows the need to extend housing policy beyond a concentration on expanding supply and points to the need for a more balanced approach that incorporates policies addressing demand as well as the supply sides of housing. Given the policy constraints, the chapter also points to possible new directions.Less
Chapter 14 highlights the key themes of the book and their implications for policy. Although there is considerable agreement among economists with regard to the range of required policy reforms - including changes to land use planning, taxation, social housing provision, rents and subsidies, and to financial markets - there are external constraints, both political and economic, that impose limitations on even the most positive reforming governments. But the absence of positive policy change in the UK would imply that the worsening affordability and volatility that have often typified housing markets are likely to continue. The book shows the need to extend housing policy beyond a concentration on expanding supply and points to the need for a more balanced approach that incorporates policies addressing demand as well as the supply sides of housing. Given the policy constraints, the chapter also points to possible new directions.
John Hills and Howard Glennerster
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199678303
- eISBN:
- 9780191757594
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199678303.003.0009
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Public and Welfare
In the final chapter we draw out some of the implications of the picture we paint in the rest of the book for the current – and possible future – policy debate. Wealth is large, very unequally ...
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In the final chapter we draw out some of the implications of the picture we paint in the rest of the book for the current – and possible future – policy debate. Wealth is large, very unequally distributed, and its possession not only represents economic advantage, but also reinforces economic advantage, not just in people’s own lives but also across generations. But public policy towards it could be described as at best incoherent. We look at the central policy issues suggested by our analysis. What reforms might follow to achieve more economic efficiency or the aims of those starting from different political perspectives? Past experience suggests that coherent reforms are hard to achieve. The evidence presented in this volume shows, however, that the current policy mix as it stands fails to meet objectives that many would see as reasonable or important.Less
In the final chapter we draw out some of the implications of the picture we paint in the rest of the book for the current – and possible future – policy debate. Wealth is large, very unequally distributed, and its possession not only represents economic advantage, but also reinforces economic advantage, not just in people’s own lives but also across generations. But public policy towards it could be described as at best incoherent. We look at the central policy issues suggested by our analysis. What reforms might follow to achieve more economic efficiency or the aims of those starting from different political perspectives? Past experience suggests that coherent reforms are hard to achieve. The evidence presented in this volume shows, however, that the current policy mix as it stands fails to meet objectives that many would see as reasonable or important.
Maria Elisa Belfiori
- Published in print:
- 2015
- Published Online:
- January 2016
- ISBN:
- 9780262029247
- eISBN:
- 9780262329736
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262029247.003.0012
- Subject:
- Political Science, Environmental Politics
The paper studies the optimal taxation of carbon emissions in a model with hyperbolic discounting. The social discount rate varies over time and a problem of time inconsistency arises. It is shown ...
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The paper studies the optimal taxation of carbon emissions in a model with hyperbolic discounting. The social discount rate varies over time and a problem of time inconsistency arises. It is shown that standard carbon policies are insufficient to regulate the level of carbon in this economy. The first result of the analysis is that when society can successfully resolve the inconsistency problem by committing to a climate plan, a subsidy on fossil fuel reserves is required to induce future generations to abide by it. When commitment to a climate plan is not possible, a Markov perfect equilibrium of a dynamic game between generations is solved and it can be shown that the subsidy for removing a ton of carbon from the atmosphere is not equal to the tax for creating it, even though both have the same effect on the overall amount of the externality.Less
The paper studies the optimal taxation of carbon emissions in a model with hyperbolic discounting. The social discount rate varies over time and a problem of time inconsistency arises. It is shown that standard carbon policies are insufficient to regulate the level of carbon in this economy. The first result of the analysis is that when society can successfully resolve the inconsistency problem by committing to a climate plan, a subsidy on fossil fuel reserves is required to induce future generations to abide by it. When commitment to a climate plan is not possible, a Markov perfect equilibrium of a dynamic game between generations is solved and it can be shown that the subsidy for removing a ton of carbon from the atmosphere is not equal to the tax for creating it, even though both have the same effect on the overall amount of the externality.
David Heald
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780748665822
- eISBN:
- 9780748693863
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9780748665822.003.0005
- Subject:
- Political Science, European Union
This chapter examines social democratic policies on public expenditure, disentangling the various purposes and instruments. High public spending is not in itself a sign of social democracy and the ...
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This chapter examines social democratic policies on public expenditure, disentangling the various purposes and instruments. High public spending is not in itself a sign of social democracy and the author argues that a defence of public expenditure requires a hard-headed analysis of its economic and social impact.Less
This chapter examines social democratic policies on public expenditure, disentangling the various purposes and instruments. High public spending is not in itself a sign of social democracy and the author argues that a defence of public expenditure requires a hard-headed analysis of its economic and social impact.
Joel Slemrod and Christian Gillitzer
- Published in print:
- 2014
- Published Online:
- May 2014
- ISBN:
- 9780262026727
- eISBN:
- 9780262319003
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262026727.003.0001
- Subject:
- Economics and Finance, Financial Economics
This chapter motivates the topic of tax systems by discussing several tax phenomena that standard models of taxation cannot explain, and then generalizes the insights gained to characterize the ...
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This chapter motivates the topic of tax systems by discussing several tax phenomena that standard models of taxation cannot explain, and then generalizes the insights gained to characterize the limitations of modern tax theory. It defines a tax system and suggests why this new approach can generate insights into these issues. It then foreshadows the topics that the book will cover.Less
This chapter motivates the topic of tax systems by discussing several tax phenomena that standard models of taxation cannot explain, and then generalizes the insights gained to characterize the limitations of modern tax theory. It defines a tax system and suggests why this new approach can generate insights into these issues. It then foreshadows the topics that the book will cover.
Giuseppina Cannas, Jessica Cariboni, Massimo Marchesi, Gaëtan Nicodème, Marco Petracco Giudici, and Stefano Zedda
- Published in print:
- 2015
- Published Online:
- May 2015
- ISBN:
- 9780262027977
- eISBN:
- 9780262321099
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262027977.003.0010
- Subject:
- Economics and Finance, Financial Economics
The question of additional taxes on banking institutions has recently been debated. At the same time, financial regulation in the banking sector is undergoing many changes aimed at strengthening ...
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The question of additional taxes on banking institutions has recently been debated. At the same time, financial regulation in the banking sector is undergoing many changes aimed at strengthening financial stability. This chapter uses SYMBOL, a micro-simulation model of the banking system, to estimate contributions to systemic risk of individual banks under various future regulatory scenarios and compares them to their potential tax liabilities under alternative designs of Financial Activity Taxes and Bank Levies. The results show that when contagion is not avoided, all taxes perform about the same way. However, when contagion is avoided, bank levies outperform FATs.Less
The question of additional taxes on banking institutions has recently been debated. At the same time, financial regulation in the banking sector is undergoing many changes aimed at strengthening financial stability. This chapter uses SYMBOL, a micro-simulation model of the banking system, to estimate contributions to systemic risk of individual banks under various future regulatory scenarios and compares them to their potential tax liabilities under alternative designs of Financial Activity Taxes and Bank Levies. The results show that when contagion is not avoided, all taxes perform about the same way. However, when contagion is avoided, bank levies outperform FATs.
