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Public Finance and Public Policy in the New Century

Essays on the theory and practice of public finance and policy.

Tax policy is defined to be "perfect" if it minimizes distortions and thereby
maximizes economic efficiency subject to meeting other government
requirements. In the case of economies already distorted by imperfect
competition in private markets, corrective taxation has the potential to enhance
the efficiency of private resource allocation. In order to realize this potential,
governments must be able and willing to use their available tax instruments in an
informed and sensible fashion.