Fiscal Policy and Social Welfare
Analysis of Alternative Tax and Transfer Systems
In Fiscal Policy and Social Welfare John Creedy examines alternative tax and transfer systems and their redistributive effects. Drawing on original research, this volume concentrates on modelling tax structures and their implications for social welfare and income distribution. After reviewing various inequality and tax progressivity measures, as well as social welfare functions, the discussion moves systematically from a framework with fixed labour supplies to one in which labour supplies respond to changes in the tax system. Attention is given to taxes in a multi-period context, including the treatment of pension schemes. Finally, the analysis is extended to a general equilibrium framework involving many individuals. Extensive use is made of numerical examples and diagrams. Researchers, students and policy makers will welcome this rigorous and consistent treatment of alternative tax and transfer systems and their effects on social welfare, income distribution and tax progressivity, in both partial and general equilibrium contexts.
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What Reviewers Are Saying
'... this text provides a central reference for anyone interested in the welfare implications of tax-benefit systems and it can be warmly recommended.' -- Simon C. Parker, The Manchester School 'Professor John Creedy's book is timely and a reader may open it in hopes of sorting out the numerous tax reform plans that proliferate in this country. The book is most successful in demonstrating the use of numerical simulation models to analyze tax policies. It provides parsimonious characterizations of complex tax and transfer systems, preferences and abilities that are both useful and sensible. For any researcher planning to start a project in this area, this book can serve as a valuable guide and companion.' -- Gilbert E. Metcalfe, Journal of Economic Literature