segunda-feira, janeiro 11, 2010

# 3

«Shiller and his colleagues have written formal academic papers on these matters, and I am sure that the mathematics are correct given the modeling assumptions. But for all the reasons cited above, the proposal to tie government payments to GDP figures is dubious both in terms of theory and practice.

If Shiller really wants assets that are analogous to corporate stock (as opposed to bonds), it would make much more sense for the government to sell securities entitling the buyer to a percentage of tax receipts, not a percentage of GDP. Besides making for a better analog to corporate stocks, this approach would also provide a healthy incentive by making massive tax cuts less "costly" to the government. Shiller's proposal, in contrast, gives the government a perverse incentive to raise tax receipts while strangling GDP. Isn't the government doing a great job of that already?»

Robert Murphy, no Mises Institute.