Capitalists, workers, and fiscal policy : a classical model of growth and distribution / Thomas R Michl
Material type:
TextPublication details: Cambridge : Haryard University Press, 2009Description: xix, 296p, 24cmISBN: - 9780674031678
- 330.1 MIC
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Calcutta | 330.1 MIC (Browse shelf(Opens below)) | Available | IIMC-126458 |
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| 330.1 MEN Value economics / | 330.1 MET Evolution and economic complexity / | 330.1 MEY Modern economic problems | 330.1 MIC Capitalists, workers, and fiscal policy : | 330.1 MIR Natural images in economic thought : | 330.1 MIR Machine dreams : | 330.1 MIT Economic theory and planning : |
The book homes in specifically on the problem of fiscal policy, examining the ways that taxation and government spending affect the distribution of wealth and income as well as the rate of economic growth. Thomas Michls model shows that public debt has a regressive effect on wealth distribution. It also demonstrates that the accumulation of wealth by public authorities, for example, in the form of a pension reserve such as the U.S. social security trust fund, can have a progressive effect on wealth distribution, both directly (since it represents ownership by the citizenry) and indirectly through its general equilibrium effects on the structure of accumulation. The books findings provide an analytical foundation for a macroeconomic policy of using fiscal surpluses to accumulate a public pension reserve fund that serves to effect a progressive redistribution of wealth.
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