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To Subsidize Is To Tax

The social cost of the tax that pays for the subsidy is greater than the gain to the buyers, because the extra buyers are able to to buy it at less than the market price. A subsidy lets people buy stuff below the price that would be set in a market. In a free market,...

Recalculating Consent

[ Fred E. Foldvary, Dept. of Economics, Santa Clara University, and School of Management John F. Kennedy University, California. Bradley Fellow, Center for Study of Public Choice, 1989-91. ] In the Calculus of Consent: Logical Foundations of Constitutional...