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In models with a capital spillover, the market outcome is not Pareto efficient since agents ignore the positive externalities caused by investment. One might conclude that taxes on investment or subsidies to consumption will reduce welfare. However, in a model of endogenous growth, either a small tax on capital income, whose proceeds are wasted, increases growth and welfare or a small marginal subsidy...
This paper considers optimal taxation in an endogenous growth model where private education investments are imperfectly observable. Consumption taxation is better than labor income taxation for public provision of goods unless educational investment is completely unobservable. If subsidies are feasible for observed education investment, the consumption tax rate is independent of the degree of observability...
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