View source for Neo- and Other Liberalisms/taxes

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[[Category:David Glasner]]
[[Category:Taxes]]
[[Category:Friedrich von Hayek]]
[[Category:Taxes And Growth]]
[[Category:Progressive Taxes]]
[[Category:It's my money!]]
{{Quote
| text = There are other reasons to think that Hayek went too far in his opposition to progressive tax rates. First, he assumed that earned income accurately measures the value of the incremental contribution to social output. But Hayek overlooked that much of earned income reflects either rents that are unnecessary to call forth the efforts required to earn that income, in which case increasing the marginal tax rate on such earnings does not diminish effort and output. We also know as a result of a classic 1971 paper by Jack Hirshleifer that earned incomes often do not correspond to net social output. For example, incomes earned by stock and commodity traders reflect only in part incremental contributions to social output; they also reflect losses incurred by other traders... Insofar as earned incomes reflect not incremental contributions to social output but income transfers from other individuals, raising taxes on those incomes can actually increase aggregate output.
| cite = [[David Glasner]], "[https://uneasymoney.com/2018/05/25/neo-and-other-liberalisms/ Neo- and Other Liberalisms]"
}}