Abstract
While I do not accept in full the cynicism and distrust of governments of the public choice school, I feel that Tobin’s claim: that the tax would allow national monetary policies to respond to domestic macroeconomic needs, does seem to come out of the older representation of government as selflessly and efficiently maximising public welfare.
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References
Eichengreen B, Tobin J, Wyplosz C (1995) Two Cases for Sand in the Wheels of International Finance. Economic Journal 105(428): 162–172
Garber P, Taylor M (1995) Sand in the Wheels of Foreign Exchange Markets: A Skeptical Note. Economic Journal 105(428): 173–180
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© 1997 Springer-Verlag Berlin Heidelberg
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Goodhart, C.A. (1997). Discussant to Professor J. Tobin. In: Stein, J.L. (eds) The Globalization of Markets. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-59246-1_2
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DOI: https://doi.org/10.1007/978-3-642-59246-1_2
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