English, Article, Journal or magazine article edition: Constraints on Income Distribution and Production Efficiency In Economies with Ramsey Taxation Blackorby, Charles; Murty, Sushama

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Bookmark: http://trove.nla.gov.au/version/7317
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Constraints on Income Distribution and Production Efficiency In Economies with Ramsey Taxation
Author
  • Blackorby, Charles
  • Murty, Sushama
Physical Description
  • preprint
Notes
  • We study the link between second-best production efficiency and the constraints on income distribution imposed by private ownership of firms in economies with Ramsey taxation. We review the result of Dasgupta and Stiglitz [1972], Mirrlees [1972], Hahn [1973], and Sadka [1977] about firm-specific profit taxation leading to second-best production efficiency. Problems in the proofs of this result in these papers have been identified by Reinhorn [2005]. We provide an alternative, and with some hope a more intuitive, proof of this result. The mechanism employed in our proof is also used to show second-best production efficiency under some configuarations of private ownership without any (or at best, uniform) profit taxation. The results obtained raise questions about the genericity of the phenomenon of second-best production inefficiency and about recovering social shadow prices in such economies.
  • Ramsey taxation ; production inefficiency ; general equilibrium ; private ownership
  • RePEc:wrk:warwec:908
Language
  • English
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