The Experts below are selected from a list of 216 Experts worldwide ranked by ideXlab platform
Ludwig Van Den Hauwe - One of the best experts on this subject based on the ideXlab platform.
-
The Case for Supply-Side Economics Revisited: The Effect of Time Preference
European Journal of Law and Economics, 2000Co-Authors: Ludwig Van Den HauweAbstract:Despite some legitimate criticisms that are acknowledged, the basic idea behind the Laffer curve analysis of the 1980s is theoretically sound. Some of the fallacies and flaws that subsist in standard accounts of the general effects of taxation can be related to the fact that time preference is not taken into account. The primary significance of time preference has been insufficiently recognized in the mainstream literature. Apart from Buchanan's refinements of the Laffer curve analysis and besides the widespread recognition of the phenomenon of time preference by economists of the so-called “Austrian” school, amazingly little attention has been paid to it. This article constitutes an attempt to help remedy this situation. Moreover the “Austrian” analysis provides valuable insights concerning the problem of the incidence of taxation that haven't received proper recognition either.
-
The Case for Supply-Side Economics Revisited: The Effect of Time Preference
Social Science Research Network, 1999Co-Authors: Ludwig Van Den HauweAbstract:Some of the fallacies and flaws that subsist in certain standard accounts of the general effects of taxation can be related to the fact that the primary significance of time preference has been insufficiently recognized. This article constitutes an attempt to help remedy this situation. Some valuable insights concerning the problem of the incidence of taxation equally receive proper recognition.
Richard M Scheffler - One of the best experts on this subject based on the ideXlab platform.
-
Managed behavioral health care and Supply-Side Economics. 1998 Carl Taube Lecture.
The journal of mental health policy and economics, 1999Co-Authors: Richard M SchefflerAbstract:Background Within the past decade, the mental health care system in the United States has undergone a significant transformation in terms of delivery, financing and work force configuration. Contracting between managed care organizations (MCOs) and providers has become increasingly prevalent, paralleling the trend in health care in general. These managed care carve-outs in behavioral health depend on networks of providers who agree to capitated rates or discounted fees for service for those patients covered by the carve-out contracts. Moreover, the carve-outs use a broader array of mental health providers than is typically found in traditional indemnity plans, encourage time-limited versus long-term treatments and favor providers who are engaged in outpatient care. This phenomenal growth in managed behavioral health care over the past decade includes the rapid growth and quick consolidation of mental health MCOs. The period 1992–1998 shows steady and substantial annual increases in the number of enrollees in mental health MCOs, the figure more than doubling from 78.1 million people in 1992 to a projected 156.6 million in 1998, or 70% of insured lives. Moreover, these vast numbers of enrollees are becoming increasingly consolidated into a smaller number of firms. In 1997, 12 companies controlled nearly 85% of the managed behavioral health care market, with 60% of the market held by the three largest firms. Study Aims This article reviews empirical data and draws policy implications from the literature on managed behavioral health care in the United States. Starting with spending and spending trend estimates that show the average annual growth rate of mental health expenditures to be lower than that of health care expenditures in general over the past decade, the author examines utilization and price factors that may account for managed-care-induced cost reductions in behavioral health care, with special attention to hospital use patterns, fee discounting and the supply and earnings patterns of various types of mental health provider. In addition, data on staffing ratios and provider mixes of health maintenance organizations and mental health MCOs are reviewed as they reveal at least part of the dynamics of reconfiguration of the mental health work force in this era of managed care. Conclusions As measured by changes in utilization and price, widespread application of ‘classic’ managed care techniques such as preadmission review (gatekeeping), concurrent review, case management, standardized clinical guidelines and protocols, volume purchase of services and fee discounting appears to have led to significant cost reductions for providers of both impatient and outpatient mental health services. However, amidst a complex flux of market variables such as risk shifting, changing financial incentives and intensity of competition, not all of the reduction or slowdown in spending can be clearly and purely attributed to managed care. The data on the ongoing reconfiguration of the mental health work force are clearer in their implications: with an oversupply of all types of mental health providers, managed care has significant potential to increase the incidence of provider substitutions and spur the growth of integrated group practices. Implications for Further Research The current body of empirical and policy literature in mental health Economics suggests several salient areas of follow-up. Is the proportionately greater impact of managed care on the annual growth rate of mental health care spending a temporary phenomenon or does it signal an enduring difference in the rates of increase between behavioral health care and health care in general? Beyond industry downsizing, what are the substitutions among mental health providers that are going on, and will go on, to produce cost-effective practices? What are the new financial or risk-sharing arrangements between providers and MCOs that will produce appropriate and high-quality mental health services? Copyright © 1999 John Wiley & Sons, Ltd.
-
Managed behavioral health care and Supply-Side Economics: 1998 Carl Taube Lecture
The Journal of Mental Health Policy and Economics, 1999Co-Authors: Richard M SchefflerAbstract:BACKGROUND: Within the past decade, the mental health care system in the United States has undergone a significant transformation in terms of delivery, financing and work force configuration. Contracting between managed care organizations (MCOs) and providers has become increasingly prevalent, paralleling the trend in health care in general. These managed care carve-outs in behavioral health depend on networks of providers who agree to capitated rates or discounted fees for service for those patients covered by the carve-out contracts. Moreover, the carve-outs use a broader array of mental health providers than is typically found in traditional indemnity plans, encourage time-limited versus long-term treatments and favor providers who are engaged in outpatient care. This phenomenal growth in managed behavioral health care over the past decade includes the rapid growth and quick consolidation of mental health MCOs. The period 1992-1998 shows steady and substantial annual increases in the number of enrollees in mental health MCOs, the figure more than doubling from 78.1 million people in 1992 to a projected 156.6 million in 1998, or 70% of insured lives. Moreover, these vast numbers of enrollees are becoming increasingly consolidated into a smaller number of firms. In 1997, 12 companies controlled nearly 85% of the managed behavioral health care market, with 60% of the market held by the three largest firms. STUDY AIMS: This article reviews empirical data and draws policy implications from the literature on managed behavioral health care in the United States. Starting with spending and spending trend estimates that show the average annual growth rate of mental health expenditures to be lower than that of health care expenditures in general over the past decade, the author examines utilization and price factors that may account for managed-care-induced cost reductions in behavioral health care, with special attention to hospital use patterns, fee discounting and the supply and earnings patterns of various types of mental health provider. In addition, data on staffing ratios and provider mixes of health maintenance organizations and mental health MCOs are reviewed as they reveal at least part of the dynamics of reconfiguration of the mental health work force in this era of managed care. CONCLUSIONS: As measured by changes in utilization and price, widespread application of "classic" managed care techniques such as preadmission review (gatekeeping), concurrent review, case management, standardized clinical guidelines and protocols, volume purchase of services and fee discounting appears to have led to significant cost reductions for providers of both impatient and outpatient mental health services. However, amidst a complex flux of market variables such as risk shifting, changing financial incentives and intensity of competition, not all of the reduction or slowdown in spending can be clearly and purely attributed to managed care. The data on the ongoing reconfiguration of the mental health work force are clearer in their implications: with an oversupply of all types of mental health providers, managed care has significant potential to increase the incidence of provider substitutions and spur the growth of integrated group practices. IMPLICATIONS FOR FURTHER RESEARCH: The current body of empirical and policy literature in mental health Economics suggests several salient areas of follow-up. Is the proportionately greater impact of managed care on the annual growth rate of mental health care spending a temporary phenomenon or does it signal an enduring difference in the rates of increase between behavioral health care and health care in general? Beyond industry downsizing, what are the substitutions among mental health providers that are going on, and will go on, to produce cost-effective practices? What are the new financial or risk-sharing arrangements between providers and MCOs that will produce appropriate and high-quality mental health services?
Linda L. Tesar - One of the best experts on this subject based on the ideXlab platform.
-
the international ramifications of tax reforms supply side Economics in a global economy
The American Economic Review, 1998Co-Authors: Enrique G. Mendoza, Linda L. TesarAbstract:This paper studies tax reforms in a dynamic model of a global economy calibrated to current U.S. and European tax policies. World capital markets add consumption-smoothing and income-redistribution effects that alter closed-economy predictions. In the absence of taxes on foreign interest, welfare gains of eliminating U.S. income taxes are enlarged by up to 34 percent at the expense of European losses caused by transitional declines in consumption and leisure and a permanent capital outflow. In contrast, if foreign interest is taxed, the same tax reform reduces U.S. welfare 0.7 percent and increases European welfare 1.8 percent. Copyright 1998 by American Economic Association.
-
Supply-Side Economics in a Global Economy
1995Co-Authors: Enrique G. Mendoza, Linda L. TesarAbstract:Recent quantitative studies predict large welfare gains from reducing tax distortions in a closed economy, despite costly transitional dynamics to more efficient tax systems. This paper examines transitional dynamics and gains of tax reforms for countries in a global economy, and provides numerical solutions for international tax competition games. Tax reforms in a global economy cause cross-country externalities through capital flows in response to consumption-smoothing and debt-servicing effects, with taxes on world payments affecting the distribution of welfare gains. Within the class of time-invariant tax rates, the gains of replacing income taxes with consumption taxes are large and, in the absence of taxes on foreign assets, the monopoly distortion separating cooperative and noncooperative equilibria is negligible. The analysis starts from a benchmark reflecting current G-7 fiscal policies, and considers the effects of tax reforms on real exchange rates and interest differentials. Tax-distorted equilibrium dynamics are computed using a modified version of the King-Plosser-Rebelo algorithm augmented with shooting routines.
Enrique G. Mendoza - One of the best experts on this subject based on the ideXlab platform.
-
the international ramifications of tax reforms supply side Economics in a global economy
The American Economic Review, 1998Co-Authors: Enrique G. Mendoza, Linda L. TesarAbstract:This paper studies tax reforms in a dynamic model of a global economy calibrated to current U.S. and European tax policies. World capital markets add consumption-smoothing and income-redistribution effects that alter closed-economy predictions. In the absence of taxes on foreign interest, welfare gains of eliminating U.S. income taxes are enlarged by up to 34 percent at the expense of European losses caused by transitional declines in consumption and leisure and a permanent capital outflow. In contrast, if foreign interest is taxed, the same tax reform reduces U.S. welfare 0.7 percent and increases European welfare 1.8 percent. Copyright 1998 by American Economic Association.
-
Supply-Side Economics in a Global Economy
1995Co-Authors: Enrique G. Mendoza, Linda L. TesarAbstract:Recent quantitative studies predict large welfare gains from reducing tax distortions in a closed economy, despite costly transitional dynamics to more efficient tax systems. This paper examines transitional dynamics and gains of tax reforms for countries in a global economy, and provides numerical solutions for international tax competition games. Tax reforms in a global economy cause cross-country externalities through capital flows in response to consumption-smoothing and debt-servicing effects, with taxes on world payments affecting the distribution of welfare gains. Within the class of time-invariant tax rates, the gains of replacing income taxes with consumption taxes are large and, in the absence of taxes on foreign assets, the monopoly distortion separating cooperative and noncooperative equilibria is negligible. The analysis starts from a benchmark reflecting current G-7 fiscal policies, and considers the effects of tax reforms on real exchange rates and interest differentials. Tax-distorted equilibrium dynamics are computed using a modified version of the King-Plosser-Rebelo algorithm augmented with shooting routines.
-
Supply-Side Economics in an Integrated World Economy
IMF Working Papers, 1993Co-Authors: Linda L. Tesa, Enrique G. MendozaAbstract:The macroeconomic effects of changes in tax and expenditure policies are examined in the context of the competitive equilibrium of a two-country, two-sector model of an integrated world economy. Governments finance purchases and net transfers of tradable and nontradable goods by imposing distortionary taxes on factor incomes and consumption. The model is parameterized and calibrated using data from large industrial economies, including estimates of effective tax rates. Numerical simulations provide estimates of the welfare costs associated with existing distortionary taxes and of the potential gains linked to a more efficient use of these taxes. Welfare gains from tax reforms favoring indirect taxation are substantial. The effects of permanent changes in expenditures depend on their sectoral allocation across tradables and nontradables and on whether they are debtor tax-financed. Trade in goods and assets is very sensitive to fiscal policy changes, but aggregate consumption patterns and welfare implications are not.
Bruce Bartlett - One of the best experts on this subject based on the ideXlab platform.
-
The Rise and Fall of Supply-Side Economics
SSRN Electronic Journal, 2016Co-Authors: Bruce BartlettAbstract:The successor to Keynesian Economics was Supply-Side Economics, which remains the core economic philosophy of the Republican Party. Its success wasn’t only due to the attractiveness of tax cuts by politicians; a great deal of serious economic research underpinned the Supply-Side program, a point seldom acknowledged by its critics. This paper is essentially an intellectual history of Supply-Side Economics.
-
Jonathan Swift: Father of Supply-Side Economics?
History of Political Economy, 1992Co-Authors: Bruce BartlettAbstract:Jonathan Swift (1667-1745) is not generally thought of as an economic theorist. His best-known work is the great satire, Gulliver’s Travels (1726). However, in 1728 he published a paper that came to have an unusual influence on the history of economic thought. Indeed, he may be considered to be the father of Supply-Side Economics. Swift’s paper is entitled, An Answer to a Paper Called a Memorial of the Poor Inhabitants, Tradesmen, and Labourers of the Kingdom of Ireland. In the course of this paper, Swift makes the following observation: