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Enhancing Retirement Security Through The Tax Code: The Efficacy Of Tax-Based Subsidies In Life Annuity Markets, William M. Gentry, Casey G. Rothschild
Enhancing Retirement Security Through The Tax Code: The Efficacy Of Tax-Based Subsidies In Life Annuity Markets, William M. Gentry, Casey G. Rothschild
Economics Faculty Scholarship
The under-development of existing annuity markets coupled with the secular trend away from traditional pensions towards defined contribution accounts in the U.S. raises significant con- cerns about the adequacy of retirement income for future retirees. We develop dynamic pro- gramming techniques to evaluate the efficacy of policies designed to address this concern by encouraging annuitization. Our analysis suggests that policies providing monetary incentives through the tax code can indeed significantly enhance annuitization among retirees : our central estimates suggest that tax-exemption based policies which have been recently proposed in Congress have the potential to increase annuitization by as much as …
The Welfare Costs Of Market Restrictions, David Colander, Sieuwerd Gaastra, Casey Rothschild
The Welfare Costs Of Market Restrictions, David Colander, Sieuwerd Gaastra, Casey Rothschild
Economics Faculty Scholarship
In most introductory and intermediate microeconomics textbooks, the measurable welfare effects of price controls, quantitative restrictions, and market restrictions more generally, are depicted as a Harberger triangle. This depiction understates these restrictions’ inefficiency costs because it captures only the ‘‘top-down’’ distortion caused by the wedge these restrictions drive between market-wide quantity demanded and quantity supplied. It ignores the ‘‘bottom-up’’ distortions caused by allocative inefficiencies on the constrained side of the market. In this article we describe a simple graphical exposition of these bottom-up distortions. We argue that this graph can provide students with a picture of both the top-down and …
Sins Of The Sons Of Samuelson: Vision, Pedagogy, And The Zig-Zag Windings Of Complex Dynamics, David Colander, Casey Rothschild
Sins Of The Sons Of Samuelson: Vision, Pedagogy, And The Zig-Zag Windings Of Complex Dynamics, David Colander, Casey Rothschild
Economics Faculty Scholarship
The standard economics text is centered on a vision of a naturally self-regulated, dynamically stable system with a unique global attractor. This paper discusses how we got there and how recent developments in the study of dynamical systems allow us to go beyond that. It traces the evolution of the teaching of economics from Alfred Marshall, who built his supply-and-demand framework within a complexity vision of the economy. It suggests that that complexity vision was lost as economists formalized the supply- demand framework and extended it to the entire economy. This paper argues that the current textbook presentation of economics …