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Generalized compensation principle

Karl Schulz, Aleh Tsyvinski, Nicolas Werquin
Economic disruptions generally create winners and losers. The compensation problem consists of designing a reform of the existing income tax system that offsets the welfare losses of the latter by redistributing the gains of the former. We derive a formula for the compensating tax reform and its impact on the government budget when only distortionary tax instruments are available and wages are determined endogenously in general equilibrium. We apply this result to the compensation of robotization in the United States.
Year of publication:
2023
Authors: Schulz, Karl ; Tsyvinski, Aleh ; Werquin, Nicolas
Published in:
Theoretical economics : TE ; an open access journal in economic theory. - Toronto : [Verlag nicht ermittelbar], ISSN 1555-7561, ZDB-ID 2220447-7. - Vol. 18.2023, 4, p. 1665-1710
Subject: Compensation principle | distortionary taxation | general equilibrium | wage disruption | Allgemeines Gleichgewicht | General equilibrium | Theorie | Theory | Lohn | Wages | Verzerrende Steuer | Distortionary taxation | Steuerreform | Tax reform | Kompensationskriterium | Schock | Shock
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