Lectures on Public Economics

aggregate allocation allow analysis assumed assumptions behaviour bequests budget constraint capital gains cent Cobb-Douglas coefficient commodity competitive consider constant consumer consumption corporate sector corporation tax cost of capital debt decisions denotes depends depreciation differential discussed distribution effects of taxation equal equations equilibrium example expenditure firm first-order conditions growth household illustrated implies incidence income effect income tax increase indifference curve indirect taxes indirect utility function individual interest investment labour supply Lecture lifetime lump-sum tax marginal cost marginal tax rate maximization Mirrlees numeraire optimal tax optimum output Pareto-efficient perfect competition preferences problem production profits Public Economics Rawlsian redistributive reduced relative revenue risk-taking risky asset savings Section social welfare function Stiglitz substitution effect Suppose t₁ tax incidence tax schedule tax system theory transfer treatment utility function variable voting wage wealth welfare economics zero