Fiscal Devices for the Control of Inflation

Many proposals have been made for the design of tax/subsidy arrangements to provide an incentive to refrain from raising money prices or money costs. There is a great range of possibilities. In this chapter we will examine two examples of such schemes. Our purpose is to enquire whether they are likely to act as efficient instruments in reducing the rate of price inflation and thus to be welcomed as supplements to, or even complete substitutes for, the other proposals discussed in Chapters VI, VII, VIII and IX. Some tax schemes may, of course, lead to unemployment by reducing the total level of spending power and so the demand for goods and services or by raising costs of production in any ...

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