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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