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Why Should a Value Added Tax Increase Prices of Consumption Goods?
Macek, Jan ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
In my bachelor thesis, I present the view of modern mainstream economics on price formation and effect of taxes on price level. Then, I contrast this view with the theory of Austrian school of economics. While the mainstream economic theory assumes certain fraction of the VAT-rate to be passed forward immediately, that action does not have support in the Austrian theory of price formation. According to Austrian economists, passing the costs of taxation forward takes time. The prices of consumption goods rise because of lower quantity supplied, which is caused by lower demand for factors of production. The thesis hypothesis is proven correct by econometric model estimating a statistically significant rise in aggregate price level as a result of VAT-rate rise. Assumption of statistically significant rise in price level in a month before the VAT-rate rise was not proven correct.
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Cenový vývoj a zahraniční obchod v komoditní vertikále řepky
Bittnerová, Eliška
This bachelor thesis deals with the development of prices and foreign trade in the commodity chain of rape and related sectors. The first part is theoretical, defines the theoretical approaches of foreign trade and agrarian foreign trade. Defines the commodity chain of rapeseed, the concept of prices in this chain and characterizes the biological characteristics of the investigated commodity. Analytical part of the bachelor thesis evaluates the world's major production centres based on the investigated findings. Commodity chain of rapeseed is analysed based on selected methods in the conditions of the Czech Republic. Further attention is focused on the development of foreign trade and price environment.
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Deflation: the Austrian School Perspective
Řepík, Martin ; Havel, Jan (advisor) ; Chytil, Zdeněk (referee)
Deflation, today understood mainly as a decrease in price level, is in the eyes of the mainstream economists the threat and danger of the economic development. This view is based on the experience from the Economic Crisis between 1929 and 1933 and later development in Japan. Therefore, the price stability is nowadays comprehended as a non decline in price index; monetary policy actually states the sustainable increase as a goal. The Austrian School of Economics uses the original definition of the words inflation and deflation and defines them as the increase and decrease of money supply. Modern interpretation of these terms means for them a dangerous misunderstanding whose result is misapprehension of causal connections between individual phenomena. This leads not only to incorrect conclusions but, above all, to disruption of the economic system, price and production structure, and development of economic cycles caused by artificial increase in money supply, which brings profit to certain groups.
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