* This paper is a version of the Hicks Lecture, which I had the honor to give in March, 1989. I would like to thank Peter Sinclair for his hospitality on that occasion. With respect to the analysis of taxation, I am originally a student of Arnold Harberger, and I am grateful for his comments on this paper as well. More recently, I have benefitted from instruction, comments and criticism from Christophe Chamley, Kenneth Judd, Laurence Kothkoff, Kevin M. Murphy, Edward Prescott, Sherwin Rosen, Nancy Stokey and Lawrence Summers. Peter Sinclair and James Mirrlees provided useful comments after the Hicks Lecture, as did Costas Azariadis and Joan Esteban at the June, 1989 Conference in Santander, Spain. Finally, I thank Chi-Wa Yuen both for his comments and his expert assistance.
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