According to the endowment effect there is some discomfort associated with giving up a good, that is to say, we are willing to give up something only if the price is greater than the price we are willing to pay for it. This implies that the indifference curves should designate a reference point...

The textbook theory of public finance delineates three primary functions of government: 1) to provide for public goods, 2) to provide for an equitable distribution of income, and 3) to stabilize the economy. However, it has become evident with the rise of right-wing populism especially, but not...