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Tax Policy, Investments in Human and Physical Capital, and Productivity

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Author Info
Marc Nerlove
Assaf Razin
Efraim Sadka
Robert K. von Weizsacker

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Abstract

This paper analyzes the implications of tax policy for the accumulation of human and physical capital and for the overall productivity level of the economy. A comprehensive income tax, applying to both labour income and capital income. discriminates against investments in human capital relative to investments in physical capital. Hence. it has an adverse impact on human capital accumulation. Taking into account a positive external effect of investments in human capital on overall productivity, the adverse effect of income taxation on human capital investments is significantly magnified.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3531.

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Date of creation: Jul 1993
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Handle: RePEc:nbr:nberwo:3531

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  1. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August. [Downloadable!] (restricted)
  2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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This page was last updated on 2009-12-18.

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