Ramsey Rule of optimal commodity taxation

The theory of optimal taxation is really an extension of the material in the previous chapter on efficiency : taxes have an excess burden, unless they are lump–sum taxes ; lump–sum taxation is impossible ; so how should taxes be designed so as to minimize the excess burden? Much of the work to answer this question has already been done. In the previous section (in the fourth lecture, “Formulae ________ ___ ___ ____ ____ ____ _______.
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