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Public Finance Public Finance C a rl S. Shoup With a new introduction by Steven Medema Routledge Taylor & Francis Group LONDON AND NEW YORK First published 2006 by Transaction Publishers Published 2017 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN 711 Third Avenue, New York, NY 10017, USA Routledge is an imprint of the Taylor & Francis Group, an informa business New material this edition copyright © 2006 by Taylor & Francis Copyright © 1969 by Carl S. Shoup All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Library of Congress Catalog Number: 2005041888 Library of Congress Cataloging-in-Publication Data Shoup, Carl Sumner, 1902- Public finance / Carl S. Shoup; with a new introduction by Steven Medema. p.cm. Includes bibliographical references and index. ISBN 0-202-30785-9 (pbk. : alk. paper) 1. Finance, Public. I. Title. HJl41.S54 2006 336—dc22 2005041888 ISBN 13: 978-0-202-30785-5 (pbk) To the memory of Robert Murray Haig and Edwin Robert Anderson Seligman ACKNOWLEDGMENTS I am indebted to many colleagues and students for their comments on earlier drafts of the present work, but par ticularly to John G. Head, Harry G. Johnson, and William S. Vickrey, whose careful and extensive examination of the manuscript resulted in substantial structural changes and alterations in analysis. A number of the chapters were discussed in two public finance seminars, at Columbia University and the Australian National University, by Marion Hamilton Gillim, C. Lowell Harriss, W. R. C. Jay, Russell Matthews, and G. Max Neutze, and by student members of these seminars. Responses to inquiries in par ticular areas were given generously by Douglas Dosser, Clive Edwards, Staffan B. Linder, Kelvin Lancaster, and Richard E. Slitor. It remains to express my greatest indebtedness, which is to Robert Murray Haig and Edwin Robert Anderson Seligman. Professors Haig and Seligman introduced me to the field of public finance and supplied the stimulation and the standards that are the prerequisites to any endeavor of this kind. Contents LIST OF FIGURES i x LIST OF TABLES X ALDINETR ANSACTION INTRODUCTION X i FOREWORD XV BOOK ONE : PUBLIC FINANCE ANALYSIS I 1 Public Finance : Scope and Effects 3 2 Criteria 21 BOOK TWO : MICRO PUBLIC FINANCE 49 PART I. GOVERNMENT OUTLAYS 49 3 Types of Outlay and Receipt ; Expenditure Administration 51 4 Government Services in General 65 5 Particular Government Services 101 6 Unrequited Payments in General 145 7 Particular Unrequited Payments 163 PART II. GOVERNMENT RECEIPTS 205 8 General Sales Taxes: Turnover Tax and Intermediate Single-Stage Taxes 207 9 General Sales Taxes : Retail Sales Tax, Value-Added Tax 243 10 Excise Taxes and Monopoly Revenue 271 11 Income Taxes : I 291 12 Income Taxes: II 323 13 Expenditure Tax 345 14 Property Taxation: Net-Worth Tax, Capital Levy, Death and Gift Taxes 357 15 Property Taxation : Real Estate Tax, Taxes on Transfers for a Consideration 383 vii viii CONTENTS 16 Taxes on Labor Income; Export and Import Taxes; Other Taxes and Para-Taxes 407 17 Tax Administration 427 18 Government Borrowing and Inflationary Finance 441 BOOK THREE: MACRO PUBLIC FINANCE 463 19 Framework of Macro Public Finance 465 20 Size of the Public Finance Sector 487 21 Optimum Output Pattern 509 22 Full Employment and Capacity Utilization 539 23 Distribution of Disposable Income; Economic Growth 577 24 Price Stability; External Equilibrium 599 25 Intergovernmental Fiscal Coordination 615 INDEX 653 List of Figures 1 Group-Consumption Goods (with and without Intra-Group Discrimination) and Collective-Consumption Goods 73 2 Marginal Cost of Group-Consumption Good for Level of Service and Number in Group (Non-Collective-Consump tion Good) 82 3 Marginal Cost of Group-Consumption, Collective-Consump tion Good, for Level of Service and Number in Group 82 4 Total Cost of Group-Consumption Good, for Level of Service and Number in Group (Non-Collective-Consump tion Good) 82 5 Average Per-Unit Cost of Group-Consumption Good, for Level of Service and Number in Group (Non-Collective- Consumption Good) 82 6 Average Per-Household Cost of Group-Consumption Good, for Level of Service (Non-Collective-Consumption Good) 82 7 Utility Frontiers for Group-Consumption Mode and Marketing Mode of an Ambiguous Good 95 8 Use of Government Service as if It Were a Cash Grant 98 9 Pure Subsidy or Welfare Payment and Negative Subsidy or Negative Welfare Payment 147 10 Pure Tax and Negative Tax 147 11 Total Positive Tax and Total Welfare Payment, Based on Own Income 174 12 Total Positive Tax and Total Welfare Payment, Based on Own Income: Figure 11 Programs Compared with Increasing- Marginal-Rate Plan 176 13 Total Positive Tax and Total Welfare Payment, Based on Own Income: Figure 11 Programs Compared with Rhys- Williams Program 178 IX
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