Key points are not available for this paper at this time.
I. Introduction, 263. — II. The basic model and some behavioral hypotheses, 264. — III. Wealth tax, 269. — IV. Income taxation, 270. — V. Special treatment of capital gains, 274. — VI. No loss offset, 275. — VII. Welfare implications, 279.
Joseph E. Stiglitz (1969) studied this question.