Hal Varian: Markets at Work in Oil and Gasoline

Lynne Kiesling Hal Varian makes a persuasive argument and does us all a great service with his Economic Scene column in today’s New York Times (registration required). He focuses on two specific aspects of the workings of oil and gasoline markets: storage arbitrage and the role of speculators. Storage arbitrage explains why, even if you … More Hal Varian: Markets at Work in Oil and GasolineMore Hal Varian: Markets at Work in Oil and Gasoline

Tax Incidence: Who Bears the Burden of Tax Increases?

Lynne Kiesling One of the most important, and least understood, economic relationships is tax incidence. Policymakers often hold the mistaken belief that when they impose a tax on a particular type of income, the people who create and earn that income are the ones who pay the tax. What they fail to understand is that … More Tax Incidence: Who Bears the Burden of Tax Increases?More Tax Incidence: Who Bears the Burden of Tax Increases?