The economist's approach to this question must rest on the basic concept of the opportunity cost arising when individuals engage in market work rather than producing goods and services at home. All discussions of the efficiency of the tax structure must take account of the forgone domestic product. Correspondingly, when trying to evolve a criterion for the equitable treatment of different households, it is important to recognise that domestic production creates a flow of real income. Its omission from the tax base may therefore create inequalities. Thus, for both efficiency and equity considerations, the concept of domestic production is central.
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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.
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