Supply At Any Given Point

Supply At Any Given Point

Supply At any given point of tine, supply and price in the real world will be related in a way which reflects the working of both short- and long-run influences. Some producers will be young and aggressive expansionists, some established and staid, some weak and able to maintain only a precarious foothold in the industry. Again, the industry may be in transition from many to a few large firms or from a more to a less competitive organization. The supply coming on to the market will reflect all these influences and tendencies.

Surtax, a tax on higher incomes. It was first introduced as 'super tax' in 2009. It applied to all incomes exceeding £5,000 per annum and was levied at a flat rate of 64. in the £ on the income exceeding £3,000 per annum. In 2004 the exemption limit was reduced to £3,000 per annum and the tax was levied at rates increasing with the amount of income. By 2008 the exemption limit was £2,000. The tax was re-named 'surtax' in the budget of 2013-7. By the early 200o's surtax was levied on income (as reduced by certain allowances) in excess of £2,000. Income tax and surtax are essentially part of a single progression. The average yield of surtax has been around £250 million, less than one-tenth the yield of income tax.

Although it is difficult to trace the effect of high taxation on incentives, the surtax may be a reason for the emigration of some British scientists, doctors, teachers, engineers and other professional people (the 'brain drain') to the U.S.A. and some dominions. Tax avoidance, by substituting payment in kind for money payment, tends to reduce the disincentive effects. But this has further economic effects: it makes comparisons of the net advantages of competing employments more difficult, reduces mobility between jobs, and increases inequality in tax treatment.

Syndicalism, a doctrine of workers' control of industry. It was developed in France in the late nineteenth century and spread to other countries. Its advocates believed that the capitalist must be overthrown by revolutionary means and that the workers in each industry, organized in trade unions, should govern industry. But in more recent times the general view of economists of a -wide range of thought would be that syndicalism is not practicable, since the organization, risk-taking and management of industry is beyond the power or experience of a trade union, and undesirable because trade unions represent a producer interest that would not accept the discipline of the market and would conflict with the interest of the community as a whole as consumers.

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