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The Voluntary Exchange Theory of Public Economy

Richard Abel Musgrave
The Quarterly Journal of Economics
Vol. 53, No. 2 (Feb., 1939), pp. 213-237
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1882886
Page Count: 25
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Abstract

I. The voluntary exchange theory: exposition, 214--II. Discussion: (1) the underlying assumptions, 218; (2) the nature of the pricing process implied, 221; (3) the voluntary exchange theory as a solution to the problem of justice in taxation, 226; (4) the neutrality condition as criterion for the conduct of the revenue-expenditure process, 228; summary of objections, 231--III. The planning interpretation of public economy as an alternative approach, 232.--The planning decisions, 232.--The social value scale predetermined, 233.--The analysis of direct and indirect effects, 234.

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