The global economy must face crucial challenge on how to cope with soaring oil prices, which have been on a precipitous increase in the last years. The high rise has alarmed countries around the world, especially the net oil importers, since continuing oil price hikes tend to lower economic...

The standard theory on optimal commodity taxation is incomplete in the sense that it ignores the fact that taxation -as a system- is attributed with administrative and other costs. The costs could be very large even for the theoretically optimum one. In addition, its application requires...