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Test: Turnover Tax, a Solution to AGW This is Samuelson’s diagram of the State’s mechanism to limit the people’s consumption (Demand) to that which the State permits (or plans) to be produced (Supply). A few words of explanation about the diagram: The curved line is a Demand Curve. It represents the concept that the higher the Price, the less people will buy.
“A” marks an Equilibrium Point of a free market, clearing at a Price the customer would pay and Suppliers would charge (about 17 units at a Price of 1.75).
“B” represents an Equilibrium Point of a command economy; it would clear at a Price some customers would pay if the Supply were limited to “Planned Output” (about 9.5 units at a Price of 4.3).
“C” represents Reality in a command economy such as the Soviet Union (about 11 units at a Price of 3.4). The planners may leave the price unchanged for years (the five year plan).
However, there is no Supply “Curve”. There is that vertical straight, red line labeled “Planned Output”. It is about 9.5 units of product; no more, no less.
Test: Turnover Tax, How the AGW Solution Works A few more words of explanation: How does the State work this miracle of limiting the Demand to the “Planned Output”? By the State’s favorite mechanism: a Tax. In the Soviet Union, it was called a “Turnover Tax”. This Tax added to the Price over what it would have been in a free market. The “Turnover Tax” was set so as to limit Demand to the “Planned Output”. The Tax was levied against the Producers (Suppliers). Since the Producer was the State, there was no escape: no competing Suppliers, imports, or competition on the basis of quality. Unfortunately, only Climate Change models achieve perfection. When the Tax is set too low (or becomes too low over time or political pressure), the actual Price remains 3.4 (“C”) rather than 4.3 (“B”), but the Supply remains at 9.5 units, not 11 units. This outcome is called a “Shortage”. (We would not wish to break the plan, now would we? The State has guns and gulags.) ;D
Samuelson, Paul Anthony. Economics (12th ed). New York: McGraw-Hill, 1985. Fig 35-1, pg 772-775