The relationship between tax rates and total tax revenues.
The above graph shows that as tax rates rise above the revenue maximizing point, any further increase in
tax rates will cause total tax revenues to decline. Reason cited is simple. Excessively hig
The Color of the Cat
Deng Xiaoping (1904-1997)
In the last two decades of the 20th century, he set
his country on a course to create a capitalist
economy within a communist state, and turned it
into a major f
Ch.2 The Curse of Bigness:
Americas Regulatory Capitalism
A holding company is a conglomerate that owns the
securities of other firms.
It usually maintains voting control over these companies
Ex: Billionaire W
Recall that every economic system must answer three
1. What is to be produced?
2. How is it to be produced?
3. For whom is it to be produced?
The answers depend on:
1. The political system in place
2. Who o
Ch.10 - Ticket to the Market
The Journey After Communism
By late 1950s, the Soviet ideology and power
was on the rise, and all this was made possible
by apparently high Soviet growth rates compare
to that of the US.