| 单词 | distortions |
| 释义 | distortions Economic situations in which the incentives facing firms and individuals fail to reflect true social opportunity costs. Distortions can be created by externalities, taxes, or monopoly. The effects of some externalities could be corrected by appropriate taxes, for example congestion taxes on urban traffic. Some distorting taxes could be removed; for example tariffs have been greatly reduced over the past 50 years. Given the need for vast government revenue to pay for services that everybody agrees that the state needs to provide, eliminating all taxes is clearly impossible. Monopoly can to some extent be controlled by legislation, but given the prevalence of economies of scale the economy cannot be based on atomistic competition between small firms. The theory of second best attempts to tackle the problem of what to do when some distortions can be reduced, but others cannot be removed. See also: domestic distortions |
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