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- Distortion_(economics) abstract "A distortion is departure from the allocation of economic resources from the state in which each agent maximizes his/her own welfare. A proportional wage-income tax, for instance, is distortionary, whereas a lump-sum tax is not. In a competitive equilibrium, a proportional wage income tax discourages work.In perfect competition with no externalities, there is zero distortion at market equilibrium of supply and demand where price equals marginal cost for each firm and product. More generally, a measure of distortion is the deviation between the market price of a good and its marginal social cost, that is, the difference between the marginal rate of substitution in consumption and the marginal rate of transformation in production. Such a deviation may result from government regulation, monopoly tariffs and import quotas, which in theory may give rise to rent seeking. Other sources of distortions are uncorrected externalities, different tax rates on goods or income, inflation, and incomplete information. Each of these may lead to a net loss in social surplus.".
- Distortion_(economics) wikiPageID "16111874".
- Distortion_(economics) wikiPageRevisionID "555511324".
- Distortion_(economics) hasPhotoCollection Distortion_(economics).
- Distortion_(economics) subject Category:Economic_efficiency.
- Distortion_(economics) subject Category:Economics_terminology.
- Distortion_(economics) comment "A distortion is departure from the allocation of economic resources from the state in which each agent maximizes his/her own welfare. A proportional wage-income tax, for instance, is distortionary, whereas a lump-sum tax is not. In a competitive equilibrium, a proportional wage income tax discourages work.In perfect competition with no externalities, there is zero distortion at market equilibrium of supply and demand where price equals marginal cost for each firm and product.".
- Distortion_(economics) label "Distorsion économique".
- Distortion_(economics) label "Distorsione (economia)".
- Distortion_(economics) label "Distortion (economics)".
- Distortion_(economics) sameAs Distorsion_économique.
- Distortion_(economics) sameAs Distorsi_(ekonomi).
- Distortion_(economics) sameAs Distorsione_(economia).
- Distortion_(economics) sameAs m.03qpd87.
- Distortion_(economics) sameAs Q3710446.
- Distortion_(economics) sameAs Q3710446.
- Distortion_(economics) wasDerivedFrom Distortion_(economics)?oldid=555511324.
- Distortion_(economics) isPrimaryTopicOf Distortion_(economics).