Regressive Tax

A regressive tax is one that is applied so that the rate of taxation decreases for those who earn higher incomes (so that the rich pay a smaller percentage of their income in taxes than the poor). In such a tax system, those with higher incomes experience a smaller burden of taxation than those with lower incomes. This is particularly true because,…
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The 25 Best Economics Podcasts Of 2019

Here’s an update to our list of the 25 best economics podcasts, which we’ve done every year since 2016--and it only gets more popular each year, as the medium of podcasting grows increasingly widespread and gains more mainstream traction. This list is the most up-to-date yet, and includes plenty of new finds that have garnered praise from critics…
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Comparative Advantage

Adam Smith had advocated the theory of Absolute Advantage, where he argued that a country should produce a good if it can produce more of the good with the same or fewer resources than another country. This theory is different from Comparative Advantage. David Ricardo, another Economist, suggested that a country only needs to have Comparative…
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Proportional Tax

A proportional tax is a kind of income tax wherein all taxpayers are taxed at the same percentage rate, no matter how high or low their income. A proportional tax system mean that everyone experiences the same tax rate, whether low, middle, or high-income. This form of tax is quite different than a progressive tax system, which involves different…
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Progressive Tax

A progressive tax involves taxing lower-income citizens at a lower rate than higher-income citizens. As a member of a society with a progressive tax, the tax rate you are placed in is based on your income—whether you can afford to pay a certain tax level. Higher-income earners have a greater percentage of their wealth and income taxed.A…
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Ceteris Paribus

Ceteris Paribus is a Latin phrase which literally translates to “holding other things constant”. Petrus Olivi was the first person to use the term with an economic context in 1295. In economics, this phrase is used to mean “all else being equal.” It is used to indicate that one variable can change while we assume that all other variables remain the…
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