The prestigious American Economic Association just published following article in their journal Macroeconomics. What a junk!
Caveat: I do not have access to the full article. Perhaps the AEA should change their policies and open up their articles to the general public!
Caveat: I do not have access to the full article. Perhaps the AEA should change their policies and open up their articles to the general public!
When economists sell expropriation as science!
From the very brief abstract:
"... We construct a large-scale overlapping generations model with uninsurable labor productivity risk, show that it has a realistic wealth distribution, and numerically characterize the optimal top marginal rate. We find that marginal tax rates for top 1 percent earners of 79 percent are optimal as long as the model earnings and wealth distributions display a degree of concentration as observed in US data."
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