Taxation and Labour Supply with Risky Activities

Abstract

Consider the following three phenomena. (a) In recent years dramatic shifts in the types of contract between London cabbies and the taxi owners have been observed. (b) If one tries to hire a housepainter in the UK one is often quoted two rates-one for official work during regular hours, and for unofficial weekend and evening work. (c) In two unrelated discussions with economics professors about the textbook model of taxation and labour supply, each revealed to me that marginal hours released from his regular employment were spent not in the form of leisure, but in participating in Stock Market speculation.

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