The Mirrlees Review is an ambitious and comprehensive analysis of the British tax system with detailed recommendations for reform. This review essay focuses on those issues that are also likely to be of interest to an American reader. The Review has the technical sophistication that readers would expect from a team of ten economists, chaired by James Mirrlees, the distinguished theorist who received the Nobel Prize for his contributions to the theory of optimal taxation. But it is written for a broader audience, explaining concepts like deadweight loss and the elasticity of tax revenue with respect to tax rates and doing so without any mathematics. (JEL D64, E21, E62, H24, H25)

Journal Article Incidence of a Capital Income Tax in a Growing Economy with Variable Savings Rates Get access Martin Feldstein Martin Feldstein Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 41, Issue 4, October 1974, Pages 505–513, https://doi.org/10.2307/2296700 Published: 01 October 1974

Inflation,

change in the quality of care is primarily due to the increased demand caused by the growth of private and public insurance. The paper presents an analytic model of the hospital industry in which quality affects the demand for hospital services and in which the purchase of private insurance is endogenous. Estimates of key equations of the model based on a cross-section of time series for the individual states for the years 1958 through 1973 are presented. The price adjustment process and dynamic multipliers are discussed. THE COST OF A DAY of hospital care in the United States has increased 600 per cent in the past twenty years, an annual rate of more than 9 per cent. During the

[Although the theory of taxation and portfolio choice has been extensively developed, the current paper begins the econometric study of this subject. The research analyzes the composition of portfolios of 1,799 households in a sample in which high income individuals are greatly overrepresented. The results show that the personal income tax has a very powerful effect on individuals' demands for portfolio assets after adjusting for the effects of net worth, age, sex, and the ratio of human to nonhuman capital.]

As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in universities, governments, and businesses. Why has this change occurred? What are the principles for designing a potentially useful fiscal stimulus? And what will happen if the current fiscal stimulus fails?