Economics and Tax Policy

This clear and concise explanation of the basic principles of microeconomic theory shows the implications of property tax policy for individual enterprises. The first section introduces the basic notions of supply, demand and market allocation, as well as the criteria of economic efficiency, equity and growth. The second section discusses household and firm behavior in competitive markets. The third section looks at markets critically and suggests that tax policy can be used to correct for market imperfections and to redistribute income and wealth.