Problems with a “Fair Rate of Return”
Robert P. Murphy
Robert P. Murphy is a libertarian theorist and Austrian-school economist. He holds a Ph.D. from New York University. Murphy is Research Fellow at the Independent Institute, Senior Fellow, Business and Economic Studies at the Pacific Research Institute, and Senior Economist at the Insitute for Energy Research. He is the author of Choice: Cooperation, Enterprise, and Human Action (Independent Insitute, 2015).
Krugman’s analysis of a 70% marginal tax rate forgets about consumer surplus, deadweight loss, & the difference between marginal & total value.