Fred Campano and Dominick Salvatore
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195300918
- eISBN:
- 9780199783441
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195300912.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Intended as an introductory textbook for advanced undergraduates and first year graduate students, this book leads the reader from familiar basic micro- and macroeconomic concepts in the introduction ...
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Intended as an introductory textbook for advanced undergraduates and first year graduate students, this book leads the reader from familiar basic micro- and macroeconomic concepts in the introduction to not so familiar concepts relating to income distribution in the subsequent chapters. The income concept and household sample surveys are examined first, followed by descriptive statistics techniques commonly used to present the survey results. The commonality found in the shape of the income density function leads to statistical modeling, parameter estimation, and goodness of fit tests. Alternative models are then introduced along with the related summary measures of income distribution, including the Gini coefficient. This is followed by a sequence of chapters that deal with normative issues such as inequality, poverty, and country comparisons. The remaining chapters cover an assortment of topics including: economic development and globalization and their impact on income distribution, redistribution of income, and integrating macroeconomic models with income distribution models.Less
Intended as an introductory textbook for advanced undergraduates and first year graduate students, this book leads the reader from familiar basic micro- and macroeconomic concepts in the introduction to not so familiar concepts relating to income distribution in the subsequent chapters. The income concept and household sample surveys are examined first, followed by descriptive statistics techniques commonly used to present the survey results. The commonality found in the shape of the income density function leads to statistical modeling, parameter estimation, and goodness of fit tests. Alternative models are then introduced along with the related summary measures of income distribution, including the Gini coefficient. This is followed by a sequence of chapters that deal with normative issues such as inequality, poverty, and country comparisons. The remaining chapters cover an assortment of topics including: economic development and globalization and their impact on income distribution, redistribution of income, and integrating macroeconomic models with income distribution models.
Liam Murphy and Thomas Nagel
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195150162
- eISBN:
- 9780199833924
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195150163.001.0001
- Subject:
- Political Science, Political Theory
In a capitalist economy, taxes are the most significant instrument by which the political system can put into practice a conception of economic justice. But conventional ideas about what constitutes ...
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In a capitalist economy, taxes are the most significant instrument by which the political system can put into practice a conception of economic justice. But conventional ideas about what constitutes tax fairness--found in the vigorous debates about tax policy going on in political and public policy circles, in economics and law--are misguided. In particular, the emphasis on distributing the tax burden relative to pretax income is a fundamental mistake. Taxation does not take from people what they already own. Property rights are the product of a set of laws and conventions, of which the tax system forms a central part, so the fairness of taxes can’t be evaluated by their impact on preexisting entitlements. Pretax income has no independent moral significance. Standards of justice should be applied not to the distribution of tax burdens but to the operation and results of the entire framework of economic institutions. The result is an entirely different understanding of a host of controversial issues, such as the estate tax, the tax treatment of marriage, “flat” versus progressive taxes, consumption versus income taxes, tax cuts for the wealthy, and negative income taxes for the poor.Less
In a capitalist economy, taxes are the most significant instrument by which the political system can put into practice a conception of economic justice. But conventional ideas about what constitutes tax fairness--found in the vigorous debates about tax policy going on in political and public policy circles, in economics and law--are misguided. In particular, the emphasis on distributing the tax burden relative to pretax income is a fundamental mistake. Taxation does not take from people what they already own. Property rights are the product of a set of laws and conventions, of which the tax system forms a central part, so the fairness of taxes can’t be evaluated by their impact on preexisting entitlements. Pretax income has no independent moral significance. Standards of justice should be applied not to the distribution of tax burdens but to the operation and results of the entire framework of economic institutions. The result is an entirely different understanding of a host of controversial issues, such as the estate tax, the tax treatment of marriage, “flat” versus progressive taxes, consumption versus income taxes, tax cuts for the wealthy, and negative income taxes for the poor.
Steven A. Bank
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195326192
- eISBN:
- 9780199775811
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195326192.001.0001
- Subject:
- Law, Legal History
The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. ...
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The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. Unlike in most other industrialized countries, corporate income is taxed twice, first at the entity level and again at the shareholder level when distributed as a dividend. The conventional wisdom has been that this double taxation was part of the system's original design over a century ago and has survived despite withering opposition from business interests. In both cases, history tells another tale. Double taxation as it is known today did not appear until several decades after the corporate income tax was first adopted. Moreover, it was embraced by corporate representatives at the outset and in subsequent years businesses have been far more ambivalent about its existence than is popularly assumed. From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present is the first historical account of the evolution of the corporate income tax in America. It explains the origins of corporate income tax and the political, economic, and social forces that transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference with the management of corporate funds.Less
The U.S. corporate income tax — and in particular the double taxation of corporate income — has long been one of the most criticized and stubbornly persistent aspects of the federal revenue system. Unlike in most other industrialized countries, corporate income is taxed twice, first at the entity level and again at the shareholder level when distributed as a dividend. The conventional wisdom has been that this double taxation was part of the system's original design over a century ago and has survived despite withering opposition from business interests. In both cases, history tells another tale. Double taxation as it is known today did not appear until several decades after the corporate income tax was first adopted. Moreover, it was embraced by corporate representatives at the outset and in subsequent years businesses have been far more ambivalent about its existence than is popularly assumed. From Sword to Shield: The Transformation of the Corporate Income Tax, 1861 to Present is the first historical account of the evolution of the corporate income tax in America. It explains the origins of corporate income tax and the political, economic, and social forces that transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference with the management of corporate funds.
Lance Taylor (ed.)
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.001.0001
- Subject:
- Economics and Finance, International
Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and ...
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Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and finance has been among the principal forces for increasing global integration. This wave of deregulation was the central feature of globalization for the non‐industrialized world. The chapters in this book look at the experiences of nine countries – Argentina, Columbia, Cuba, India, Mexico, Russia, South Korea, Turkey, and Zimbabwe – and the often‐negative effects that liberalization has had on them. At best, the liberalization packages generated modest improvements in economic growth and distributional equity; at worst, they have been associated with increasing income inequality and slower growth, even in the presence of rising capital inflows. The country studies suggest that the effects of liberalization on growth, employment, and income distribution emerge from a complex set of forces on both the supply and demand sides of the economy. Redistribution of income and production across industries (typically from those producing traded goods to those producing nontraded goods) and groups within the labor force (typically from unskilled to skilled), as well as adverse shifts in “macro” prices such as real wage, interest, and exchange rates are part of the process. This degree of complexity and most of the unfavorable effects of deregulation were not anticipated, and are only now being widely recognized. The implication is that the liberalization strategy needs to be rethought. The contributors include policy recommendations for often‐overlooked problems and challenges posed by globalization.Less
Reports on the effects of the fundamental economic policy shift in transition and developing countries after the mid‐1980s. Since that time, the “external liberalization” of international trade and finance has been among the principal forces for increasing global integration. This wave of deregulation was the central feature of globalization for the non‐industrialized world. The chapters in this book look at the experiences of nine countries – Argentina, Columbia, Cuba, India, Mexico, Russia, South Korea, Turkey, and Zimbabwe – and the often‐negative effects that liberalization has had on them. At best, the liberalization packages generated modest improvements in economic growth and distributional equity; at worst, they have been associated with increasing income inequality and slower growth, even in the presence of rising capital inflows. The country studies suggest that the effects of liberalization on growth, employment, and income distribution emerge from a complex set of forces on both the supply and demand sides of the economy. Redistribution of income and production across industries (typically from those producing traded goods to those producing nontraded goods) and groups within the labor force (typically from unskilled to skilled), as well as adverse shifts in “macro” prices such as real wage, interest, and exchange rates are part of the process. This degree of complexity and most of the unfavorable effects of deregulation were not anticipated, and are only now being widely recognized. The implication is that the liberalization strategy needs to be rethought. The contributors include policy recommendations for often‐overlooked problems and challenges posed by globalization.
A. B. Atkinson
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198292166
- eISBN:
- 9780191595875
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292163.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical ...
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The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical reform of the income tax and social security systems has generated wide interest. The book reviews different areas of public economics: the theory of optimum taxation, public choice theory, general equilibrium analysis of incidence, numerical tax‐benefit modelling, and econometric studies of work incentives. The author does not argue for or against the basic income proposal but believes that it should be on the agenda for serious discussion.Less
The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical reform of the income tax and social security systems has generated wide interest. The book reviews different areas of public economics: the theory of optimum taxation, public choice theory, general equilibrium analysis of incidence, numerical tax‐benefit modelling, and econometric studies of work incentives. The author does not argue for or against the basic income proposal but believes that it should be on the agenda for serious discussion.
E. Philip Davis
- Published in print:
- 1998
- Published Online:
- March 2012
- ISBN:
- 9780198293040
- eISBN:
- 9780191684944
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198293040.003.0001
- Subject:
- Economics and Finance, Financial Economics, Public and Welfare
Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global ...
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Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global scale, the issue of population ageing may give rise to various economic problems. As compared to when life expectancy was still relatively low, a large portion of the population will have claims to a share of a particular output in spite of not being about to provide labour sufficient enough to maintain their incomes. One of the major issues in both advanced and Third World countries will then involve how to organize this type of system while retaining economic growth and efficiency. In taking the political and financial risks into account, the resulting option as well as its consequences for pension fund development will significantly affect the financial system's structure.Less
Because of lower fertility and the various advances in terms of medicine, the number of people over 60 will have raisen from 500 million in 1990 to about 1.4 billion in 2030. If seen on a global scale, the issue of population ageing may give rise to various economic problems. As compared to when life expectancy was still relatively low, a large portion of the population will have claims to a share of a particular output in spite of not being about to provide labour sufficient enough to maintain their incomes. One of the major issues in both advanced and Third World countries will then involve how to organize this type of system while retaining economic growth and efficiency. In taking the political and financial risks into account, the resulting option as well as its consequences for pension fund development will significantly affect the financial system's structure.
Suresh Tendulkar and T.A. Bhavani
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780198085584
- eISBN:
- 9780199082087
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198085584.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It ...
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This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It critically analyses the growth strategy under Nehruvian socialism and the slow growth rate of the Indian economy and, thus, draws attention to the factors that led to reforms. It also describes how reforms were sustained in a low-income economy with large diversities and how they successfully survived the emergence of several coalition governments at the centre as well as the increasing regionalization of Indian politics. It shows how reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and enabled faster and sustained economic growth, which contributed to improved living standards and reduction of abject poverty. It takes stock of specific reforms initiatives undertaken by the government and the challenges that lie ahead.Less
This book analyses the background and context of the reforms since 1991, while tracing the remarkable transformation of India from a slow-growing economy to one of the fastest in the world. It critically analyses the growth strategy under Nehruvian socialism and the slow growth rate of the Indian economy and, thus, draws attention to the factors that led to reforms. It also describes how reforms were sustained in a low-income economy with large diversities and how they successfully survived the emergence of several coalition governments at the centre as well as the increasing regionalization of Indian politics. It shows how reforms unleashed India’s latent entrepreneurship through increasingly liberalized competitive markets and enabled faster and sustained economic growth, which contributed to improved living standards and reduction of abject poverty. It takes stock of specific reforms initiatives undertaken by the government and the challenges that lie ahead.
A. B. Atkinson
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199532438
- eISBN:
- 9780191714559
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199532438.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental, International
This introductory chapter begins with a brief discussion of the overall theme of this book, which is the distribution of individual earnings or household income. Specifically, the book examines ...
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This introductory chapter begins with a brief discussion of the overall theme of this book, which is the distribution of individual earnings or household income. Specifically, the book examines changes in earnings differences or dispersion over time. The interest in this topic is largely attributed to rise in earnings dispersion in the US since the 1980s.Less
This introductory chapter begins with a brief discussion of the overall theme of this book, which is the distribution of individual earnings or household income. Specifically, the book examines changes in earnings differences or dispersion over time. The interest in this topic is largely attributed to rise in earnings dispersion in the US since the 1980s.
John Ferejohn
- Published in print:
- 2009
- Published Online:
- July 2012
- ISBN:
- 9780195392135
- eISBN:
- 9780199852543
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195392135.003.0002
- Subject:
- Political Science, American Politics
Many believe that the government bears an active role and responsibility on how wealth and income are generated and distributed. With the rapid increase in income inequality in a number of the ...
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Many believe that the government bears an active role and responsibility on how wealth and income are generated and distributed. With the rapid increase in income inequality in a number of the advanced democracies, it has now become a concern on whether or not this should be considered as a threat. This chapter first examines what types of equality brings concern to the people. An outline of a normative theory of legitimacy which roots regime legitimacy in the satisfaction of an “interest tracking” condition and a political theory suggesting how income inequality can weaken democratic rule is then given.Less
Many believe that the government bears an active role and responsibility on how wealth and income are generated and distributed. With the rapid increase in income inequality in a number of the advanced democracies, it has now become a concern on whether or not this should be considered as a threat. This chapter first examines what types of equality brings concern to the people. An outline of a normative theory of legitimacy which roots regime legitimacy in the satisfaction of an “interest tracking” condition and a political theory suggesting how income inequality can weaken democratic rule is then given.
Fred Campano and Dominick Salvatore
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195300918
- eISBN:
- 9780199783441
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195300912.003.0012
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter focuses on the role of the government in ensuring basic needs and how that may be managed through income taxes and public expenditure. The analysis is mainly done in the framework of ...
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This chapter focuses on the role of the government in ensuring basic needs and how that may be managed through income taxes and public expenditure. The analysis is mainly done in the framework of income flows to and from quantiles of households.Less
This chapter focuses on the role of the government in ensuring basic needs and how that may be managed through income taxes and public expenditure. The analysis is mainly done in the framework of income flows to and from quantiles of households.
Lane Kenworthy
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199591527
- eISBN:
- 9780191731389
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199591527.003.0001
- Subject:
- Political Science, Political Economy
One of the principal goals of antipoverty efforts should be to improve the absolute living standards of the least well-off. This book aims to enhance our understanding of how to do that.
One of the principal goals of antipoverty efforts should be to improve the absolute living standards of the least well-off. This book aims to enhance our understanding of how to do that.
Dale W. Jorgenson and Kun-Young Yun
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198285939
- eISBN:
- 9780191596490
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285930.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The concept of ‘cost of capital’ was introduced almost thirty years ago and quickly became an indispensable tool for modelling the impact of tax policy on investment behaviour. In the 1980s it ...
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The concept of ‘cost of capital’ was introduced almost thirty years ago and quickly became an indispensable tool for modelling the impact of tax policy on investment behaviour. In the 1980s it assumed a central role in tax reform debates through the closely related concept of the marginal effective tax rate. This book provides a comprehensive treatment of the cost of capital approach to tax policy analysis. In order to make the approach as accessible as possible, the analytical level of the book has been kept to an absolute minimum. The complexities are introduced in a step-by-step fashion, leading up to a representation of tax systems for capital income that is suitable for tax policy analysis. The success of the cost of capital approach is due in large part to its ability to assimilate a virtually unlimited amount of descriptive detail on alternative tax policies. In order to provide guidance to students and practitioners, the book contains a full implementation of the approach for the USA, including an analysis of the alternative proposals that culminated in the highly influential Tax Reform Act of 1986. The chapters of the book are the first in a series of Lectures in Monetary and Fiscal Policy given at Uppsala University in honour of Erik Lindahl, the Swedish economist who was a professor there from 1942 to 1958.Less
The concept of ‘cost of capital’ was introduced almost thirty years ago and quickly became an indispensable tool for modelling the impact of tax policy on investment behaviour. In the 1980s it assumed a central role in tax reform debates through the closely related concept of the marginal effective tax rate. This book provides a comprehensive treatment of the cost of capital approach to tax policy analysis. In order to make the approach as accessible as possible, the analytical level of the book has been kept to an absolute minimum. The complexities are introduced in a step-by-step fashion, leading up to a representation of tax systems for capital income that is suitable for tax policy analysis. The success of the cost of capital approach is due in large part to its ability to assimilate a virtually unlimited amount of descriptive detail on alternative tax policies. In order to provide guidance to students and practitioners, the book contains a full implementation of the approach for the USA, including an analysis of the alternative proposals that culminated in the highly influential Tax Reform Act of 1986. The chapters of the book are the first in a series of Lectures in Monetary and Fiscal Policy given at Uppsala University in honour of Erik Lindahl, the Swedish economist who was a professor there from 1942 to 1958.
J. Mohan Rao, Ethan B. Kapstein, and Amartya Sen
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780195130522
- eISBN:
- 9780199867363
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195130529.003.0004
- Subject:
- Economics and Finance, Public and Welfare
Economic and cultural globalization seem to have ushered in an awkward and potentially unstable period of transition for the world. Even if one supposes that free trade and unrestricted capital ...
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Economic and cultural globalization seem to have ushered in an awkward and potentially unstable period of transition for the world. Even if one supposes that free trade and unrestricted capital mobility can eventually result in global factor price equalization and international equality, the transition may take decades if not centuries. At stake are questions of how to distribute the costs incurred, and the benefits to be derived, by cooperative action to create global public goods or minimize global public bads. Questions of equity are also implicated in the origin of the global problems themselves. International negotiations are influenced by unequal economic and bargaining strengths and the diverse stages of development at which nations find themselves.The basic argument of this chapter is that equity and distributional criteria must be at the core of a global public goods framework for international cooperation. There are several reasons behind this. First, equity and justice promote cooperative behavior, itself needed for the provision of public goods. Second, when the system is perceived to be fair and equitable, nations will participate in it willingly. Third, global equity is itself a public good that, without cooperation or coercion (i.e., in a decentralized setting), may be undersupplied. The undersupply may be because, e.g., there is no private market through which nations or individuals may meet their need to give.Thus, the first section of this chapter sets the stage by outlining the continuing role of inequality among nations in shaping the world. The second section considers the potential instrumental value of social cohesion in public goods supply (equity for public goods). After that, the chapter considers how distributional factors affect the demand and supply of public goods. Then, it pursues the proposition (originally from Thurow, 1971) that the distribution of income is itself a public good. The final section offers conclusions. The rest of the chapter illustrates the value of equity for the production of public goods, in the distribution of public goods, and as a public good itself.Less
Economic and cultural globalization seem to have ushered in an awkward and potentially unstable period of transition for the world. Even if one supposes that free trade and unrestricted capital mobility can eventually result in global factor price equalization and international equality, the transition may take decades if not centuries. At stake are questions of how to distribute the costs incurred, and the benefits to be derived, by cooperative action to create global public goods or minimize global public bads. Questions of equity are also implicated in the origin of the global problems themselves. International negotiations are influenced by unequal economic and bargaining strengths and the diverse stages of development at which nations find themselves.
The basic argument of this chapter is that equity and distributional criteria must be at the core of a global public goods framework for international cooperation. There are several reasons behind this. First, equity and justice promote cooperative behavior, itself needed for the provision of public goods. Second, when the system is perceived to be fair and equitable, nations will participate in it willingly. Third, global equity is itself a public good that, without cooperation or coercion (i.e., in a decentralized setting), may be undersupplied. The undersupply may be because, e.g., there is no private market through which nations or individuals may meet their need to give.
Thus, the first section of this chapter sets the stage by outlining the continuing role of inequality among nations in shaping the world. The second section considers the potential instrumental value of social cohesion in public goods supply (equity for public goods). After that, the chapter considers how distributional factors affect the demand and supply of public goods. Then, it pursues the proposition (originally from Thurow, 1971) that the distribution of income is itself a public good. The final section offers conclusions. The rest of the chapter illustrates the value of equity for the production of public goods, in the distribution of public goods, and as a public good itself.
Aurelia Colombi Ciacchi and Stephen Weatherill (eds)
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199594559
- eISBN:
- 9780191595714
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199594559.001.0001
- Subject:
- Law, Comparative Law, EU Law
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. ...
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Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.Less
Private persons often stand surety for a business debt incurred by family members, friends, or employers. These suretyships are commonly banking guarantees contracted by means of standard terms. Sometimes the guarantor signs the contract while he/she is not aware of the financial risk related to the guarantee. He or she may not even know what a suretyship is. But in other circumstances the guarantor may be well aware of the risk, but may nonetheless assume it because of strong emotional ties which exist between him/her and the main debtor. How, then, (if at all) does the law address the potential for ‘unfairness’ in such situations? Some systems choose to rely on objective criteria, such as identification of a manifest disproportion between the guaranteed amount and the surety's income and assets, while others are more open to subjective inquiry. The key point is variation. Different jurisdictions in Europe operate different models with different priorities. This book provides a comparative overview of the remedies against unfair obligations of non-professional guarantors available in twenty-two EU Member States, based on a questionnaire which has been completed by an expert in each particular jurisdiction and covering both legal rules and the economic context of different credit markets and banking practices.
Emmanuel Saez
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195305197
- eISBN:
- 9780199783519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305191.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay presents a critical overview of the findings of economic research on the problem of redistribution toward low incomes in developed countries. The discussion is organized as follows. The ...
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This essay presents a critical overview of the findings of economic research on the problem of redistribution toward low incomes in developed countries. The discussion is organized as follows. The second section briefly describes the positive and empirical analysis (for which numerous good surveys are available) and focuses mostly on the normative analysis. The third section starts with a discussion of the optimal structure of cash transfer programs, then extends the analysis of optimal transfer programs along various new dimensions. The fourth section discusses how the results of the third section might be affected in situations where individuals may not be able to make the best choices for themselves. The fifth section provides a conclusion and an educated view on what should be done for redistribution toward low incomes.Less
This essay presents a critical overview of the findings of economic research on the problem of redistribution toward low incomes in developed countries. The discussion is organized as follows. The second section briefly describes the positive and empirical analysis (for which numerous good surveys are available) and focuses mostly on the normative analysis. The third section starts with a discussion of the optimal structure of cash transfer programs, then extends the analysis of optimal transfer programs along various new dimensions. The fourth section discusses how the results of the third section might be affected in situations where individuals may not be able to make the best choices for themselves. The fifth section provides a conclusion and an educated view on what should be done for redistribution toward low incomes.
Fred Campano and Dominick Salvatore
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195300918
- eISBN:
- 9780199783441
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195300912.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The definition of income in developed and developing countries is introduced. The use of household sample surveys to gather information on income distribution is discussed as well as the derived ...
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The definition of income in developed and developing countries is introduced. The use of household sample surveys to gather information on income distribution is discussed as well as the derived income distribution summary tables, histograms, polygons, and cumulative distribution.Less
The definition of income in developed and developing countries is introduced. The use of household sample surveys to gather information on income distribution is discussed as well as the derived income distribution summary tables, histograms, polygons, and cumulative distribution.
Young‐Iob Chung
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195178302
- eISBN:
- 9780199783557
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195178300.003.0009
- Subject:
- Economics and Finance, South and East Asia
This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of ...
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This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of Koreans and Japanese in Korea. This allows the evaluation of the ultimate beneficiaries of economic growth and transformation in the country relative to various economic sectors (e.g., industry and agriculture), income groups (e.g., landlords, farmers, businesses, and wage earners), and different nationalities (i.e., Koreans and Japanese). Similar analyses have been performed relative to personal consumption and savings, as well as business savings based on economic/income sectors/groups and nationality.Less
This chapter assesses the impact of capital formation and economic development under Japanese rule on income distribution, consumption (standard of living), and savings in Korea, focusing those of Koreans and Japanese in Korea. This allows the evaluation of the ultimate beneficiaries of economic growth and transformation in the country relative to various economic sectors (e.g., industry and agriculture), income groups (e.g., landlords, farmers, businesses, and wage earners), and different nationalities (i.e., Koreans and Japanese). Similar analyses have been performed relative to personal consumption and savings, as well as business savings based on economic/income sectors/groups and nationality.
Gijs Van Donselaar
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780195140392
- eISBN:
- 9780199871483
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195140392.001.0001
- Subject:
- Philosophy, Moral Philosophy
In 1895, an English farmer diverted the course of a stream that was flowing through his land, thereby cutting off the supply to the water reservoir of the neighboring community. The courts ...
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In 1895, an English farmer diverted the course of a stream that was flowing through his land, thereby cutting off the supply to the water reservoir of the neighboring community. The courts established that it had been his purpose to “injure the plaintiffs by carrying off the water and to compel them to buy him off.” Regardless of what the law says, most people will feel that the farmer's intentions were morally unjust; he was trying to abuse his property rights in order to take advantage of others. Yet, as this book explains, the major traditions in the theory of economic justice, both from the libertarian right and from the egalitarian left, have failed to appreciate the moral objection to exploitative behavior that this case displays. Those traditions entertain radically opposed views on how private property should be distributed, but they do not consider the legitimacy of constraints on the exercise of property rights—however they are distributed. The second part of the book demonstrates how this failure clears the way for a recent egalitarian argument, gaining in popularity, for a so-called unconditional basic income. If all have an initial right to an equal share of the resources of the world, then it soon seems to follow that all have a right to an equal share of the value of the resources of the world, which could be cashed in as a labor-free income. That inference is only valid if moral behavior similar to that of the farmer is tolerated.Less
In 1895, an English farmer diverted the course of a stream that was flowing through his land, thereby cutting off the supply to the water reservoir of the neighboring community. The courts established that it had been his purpose to “injure the plaintiffs by carrying off the water and to compel them to buy him off.” Regardless of what the law says, most people will feel that the farmer's intentions were morally unjust; he was trying to abuse his property rights in order to take advantage of others. Yet, as this book explains, the major traditions in the theory of economic justice, both from the libertarian right and from the egalitarian left, have failed to appreciate the moral objection to exploitative behavior that this case displays. Those traditions entertain radically opposed views on how private property should be distributed, but they do not consider the legitimacy of constraints on the exercise of property rights—however they are distributed. The second part of the book demonstrates how this failure clears the way for a recent egalitarian argument, gaining in popularity, for a so-called unconditional basic income. If all have an initial right to an equal share of the resources of the world, then it soon seems to follow that all have a right to an equal share of the value of the resources of the world, which could be cashed in as a labor-free income. That inference is only valid if moral behavior similar to that of the farmer is tolerated.
The Late Andrew Glyn (ed.)
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199241378
- eISBN:
- 9780191696923
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199241378.001.0001
- Subject:
- Economics and Finance, Public and Welfare
Never has the Left held power in so many advanced economies, yet never has the difference that this makes to economic policy been so hard to specify. Across a range of European countries and in ...
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Never has the Left held power in so many advanced economies, yet never has the difference that this makes to economic policy been so hard to specify. Across a range of European countries and in Australia, governments of the Left have struggled to chart a distinctive course in the face of the neoliberal backlash against state intervention, the welfare state, and guaranteed full employment. This book examines the record of these governments in securing high employment and a more equal distribution of income in the face of slow growth and global pressures to reduce inflation. Detailed studies of governments from Mitterand to Blair and from Keating to Papandreou by leading writers from the countries in question are complemented by surveys of experience of the welfare state and of the ideological and historical background to these governments' attempts to further the objectives of social democracy.Less
Never has the Left held power in so many advanced economies, yet never has the difference that this makes to economic policy been so hard to specify. Across a range of European countries and in Australia, governments of the Left have struggled to chart a distinctive course in the face of the neoliberal backlash against state intervention, the welfare state, and guaranteed full employment. This book examines the record of these governments in securing high employment and a more equal distribution of income in the face of slow growth and global pressures to reduce inflation. Detailed studies of governments from Mitterand to Blair and from Keating to Papandreou by leading writers from the countries in question are complemented by surveys of experience of the welfare state and of the ideological and historical background to these governments' attempts to further the objectives of social democracy.
Edmund Cannon and Ian Tonks
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199216994
- eISBN:
- 9780191711978
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199216994.003.0003
- Subject:
- Business and Management, Pensions and Pension Management
This chapter documents the historical development of annuity markets and provides examples of annuities from classical times up to the present day. It summarizes the system of pension provision in ...
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This chapter documents the historical development of annuity markets and provides examples of annuities from classical times up to the present day. It summarizes the system of pension provision in the UK, and discusses the role of annuities in the UK's pension system and the changes introduced on A-day in 2006. The chapter concludes with a discussion of recent developments in UK financial markets, including the problems of Equitable Life.Less
This chapter documents the historical development of annuity markets and provides examples of annuities from classical times up to the present day. It summarizes the system of pension provision in the UK, and discusses the role of annuities in the UK's pension system and the changes introduced on A-day in 2006. The chapter concludes with a discussion of recent developments in UK financial markets, including the problems of Equitable Life.
