Problems of taxation, in connexion with economic development, are generally discussed from two different points of view, which involve quite distinct, and often conflicting, considerations: the point of view of incentives and the point of view of resources. Those who believe that it is the lack of adequate incentives which is mainly responsible for insufficient growth and investment are concerned with improving the tax system through the granting of additional concessions of various kinds, with less regard to the unfavourable effects on the public revenue. Those who believe that insufficient growth and investment is mainly a consequence of a lack of resources are chiefly concerned with increasing the resources available for investment through additional taxation, even at the cost of worsening its disincentive effects.
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