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is needed to correct this situation is for the State to introduce the beginning of year 1 could accumulat ΔĈ(1+i)
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is needed to correct this situation is for the State to introduce the beginning of year 1 could accumulat ΔĈ(1+i)
instead of, as on page 205 above, at a rate equal to where c is the growth rate in the individual's consumption level and time, between the utility of different levels of consumption. (23.5) measures the rate at which he can obtain extra units of consumption in year 2 for each unit of consumption given up in year 1. Suppose now that there are taxes at and t on consumption goods bought in years 1 and 2 respectively. Then our citizen by giving up of consumption releases purchasing power of this be accumulated to ΔĈ(l + by the beginning of year 2; and this total sum is available then to be spent on consumption
Edition 1st Edition
First Published 1968
Imprint Routledge
Pages 2
eBook ISBN 9780203106594