Economics
with Calculus Michael
Lovell
COMMENTARY:
Page
193, end of first
full paragraph: Corporation
tax returns are confidential, and profits reported
for tax purposes, which must be compiled in accordance with the strict
regulations
of the Internal Revenue Service, are more often than not smaller than
the profits
disclosed to
the public in financial statements, which are subject to regulation by
the
Security and Exchange Commission and must confirm to GAAP (Generally
Accepted Accounting Principles). Some reformers argue that investors
would be better
served if profits for tax purposes and certain other tax return
information were made public. (Cf. David Lenter, Joel Slemrod and
Douglas Shackelford, “Public Disclosure of
Corporate Tax Return Information: Accounting Economics and Legal
Perspectives, National
Tax Journal, December 2003, pp
803-830.
p
323 Social Security: Dr. András Simonovits of the Hungarian
Academy of Sciences suggests
that my presentation of Harvard Professor Martin Feldstein’s analysis
of
Social
Security should have been balanced by mentioning MIT Professor Peter
Diamond's
more optimistic viewpoint. Compare Diamond's 2004
Presidential
address to the American Economic Association: “Social Security," American Economic Review,
March, 2004, with Feldstein's
2005 Presidential Address: "Rethinking Social Insurance," American Economic Review,
March, 2005.
p
515-6 TIAA-CREF: Index funds and walking randomly down Wall Street ~
See http://mlovell.web.wesleyan.edu/TIAA-CREFvsVANGUARD.html
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1/16/2007