By R Page Arnot
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Hence, marginal cost will increasingly tend to exceed the value of marginal product, and an overutilization of capital will result. 26 Without a doubt, all of these problems inherent in a system of monopolistic security production would be solved relatively quickly once a given demand for security services was met by a competitive market with its entirely different incentive structure for producers. This is not to say that a “perfect” solution to the problem of security would be found. There would still be robberies and murders; and not all loot would be recovered nor all murderers caught.
3 Since such fundamental insights seem to have been forgotten, or at least no longer appear obvious today, let me, as my first task, present anew a praxeological account and explanation for Say’s central argument and its validity, and in so doing refute some popular “counterarguments” claiming to show that taxation need not obstruct the formation of property and wealth. In light of this general explanation, I will then demonstrate the fundamental logical fallacy in the standard textbook analysis of tax-incidence.
9 Having completed this general economic analysis of the effects of taxation, which today’s economic textbook writers typically prefer not to deal with at all, let me now turn to what they typically do say about the effects of taxation under the heading of tax-incidence. In light of our previous analysis it will be easy to detect the fatal flaw in such accounts. Indeed, that one should fall headlong into error in dealing with specifics if one has not bothered to study the basics can hardly come as a complete surprise.
An Introduction to Political Economy by R Page Arnot