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Full-Text Articles in Law
Capital Rigidities, Latent Externalities, Shi-Ling Hsu
Capital Rigidities, Latent Externalities, Shi-Ling Hsu
Scholarly Publications
Capital, one of two fundamental inputs to production, is critical to economic growth. As such, legal rules and institutions generally seek to create more of it, and they also seek to protect existing capital from policy changes. However, capital is often durable, and during its natural life, information may emerge pointing to negative externalities resulting from operation of that capital. Legal rules and institutions, in seeking to stimulate and sustain economic growth by promoting and protecting capital, thus tend to induce the creation of excess capital. This abundance of capital creates excess resistance to new regulation or policy reform, as …
A Cost-Benefit Analysis Of Sugary Drink Regulation In New York City, Shi-Ling Hsu
A Cost-Benefit Analysis Of Sugary Drink Regulation In New York City, Shi-Ling Hsu
Scholarly Publications
No abstract provided.
Tax Favors For Philanthropy: Should Our Republic Underwrite De Tocqueville's Democracy?, Rob Atkinson
Tax Favors For Philanthropy: Should Our Republic Underwrite De Tocqueville's Democracy?, Rob Atkinson
Scholarly Publications
This article critically reviews the current rationales for the federal income tax system's favorable treatment of philanthropy, gives those rationales a new descriptive synthesis based on de Tocqueville's account of American democracy, and offers a normative alternative based on neo-classical ethical and political theory. It first identifies the two basic normative questions: What is the function of philanthropy that warrants favorable tax treatment, and how well does favorable tax treatment advance that function? It then examines the answers of three distinct phases of normative tax theory: the traditional subsidy thesis, the antithetical technical definition of income theory, and a set …