American Economic Development, Managerial Corporate Capitalism, and the Institutional Foundations of the Modern Income Tax

Mehrotra examines the factors contributing to the introduction of the corporate income tax in 1909 and of the individual income tax in 1913. According to the conventional wisdom, these taxes were the products of politics, political institutions, and social forces; economic factors play a cameo role in the standard historical accounts. He argues that economic developments were as significant as political and social factors in the enactment and development of the taxes. The corporations created the wealth that became the targets of the corporate and individual taxes. Here, he investigates two particular economic factors. First, he explores the broad, long-term, structural transformations in the American economy that fostered the development of the modern progressive income tax. Between the end of Reconstruction and the onset of the Great Depression, the American economy underwent dramatic changes. The second set of economic factors that facilitated the development of the modern income tax followed from the first

India needs an Employment Guarantee Scheme

.Poverty, Employment, India

Automorphisms of the generalized quot schemes

Given a compact connected Riemann surface $X$ of genus $g \geq 2$, and integers $r\geq 2$, $d_p > 0$ and $d_z > 0$, in \cite{BDHW}, a generalized quot scheme ${\mathcal Q}_X(r,d_p,d_z)$ was introduced. Our aim here is to compute the holomorphic automorphism group of ${\mathcal Q}_X(r,d_p,d_z)$. It is shown that the connected component of $\text{Aut}( {\mathcal Q}_X(r,d_p,d_z))$ containing the identity automorphism is $\text{PGL}(r,{\mathbb C})$. As an application of it, we prove that if the generalized quot schemes of two Riemann surfaces are holomorphically isomorphic, then the two Riemann surfaces themselves are isomorphic

Demand for money in transition: Evidence from China's disinflation

We examine money demand in the Chinese economy during a period characterized by significant disinflation and outright deflation, coupled with strong output growth. Our study establishes a stable money demand system for broad money M2. Inflation affects the adjustment of the system towards equilibrium, and shocks to broad money are found to lead to higher inflation in the context of an impulse response analysis. No evidence of non-linearity in money demand is found for the disinflationary period. The results provide support for the PBoC’s policy of specifying intermediate targets for money growth. Importantly, our results suggest that movements in the nominal effective exchange rate should be taken into account in a successful implementation of such a policy.money demand; disinflation; deflation; China