May 22, 2013

The equivalences established are predicated on a static framework. The analysis implicitly assumes that the behavior of the different players remains unchanged. However, we know from experience that this is not the case. The allocation of quotas generates additional revenues for those lucky enough to get a quota allocation. The consumption and production taxes have a differential impact on different interest groups. Hence it is not surprising that the rent-seeking behavior of the different groups will lead to the politics of special interest groups.

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