Optimal tax in his article titled "Using Elasticities to Derive Optimal Income Tax Rates" derives a formula for optimal level of income tax using the both compensated and uncompensated elasticities. Saez writes the tradeoff between equity and efficiency is a central consideration of optimal taxation, and implementing a progressive tax allows the government to reallocate their resources where they are needed most. However, this deters those of higher income levels to work at their optimal level. Saez decomposes the marginal effects of a tax change into mechanical, behavioural and welfare effects, as follows: The sum of these effects should be zero at
According to Spike Milligan there are running gags about Dr. Frankenstein's sea voyages during which his ship sinks, the monster disappearing mysteriously because he runs at speeds of 100 mph, and notes by an editor (Milligan) making sarcastic remarks about events in the novel. "The Hound of the Baskervilles According to Spike Milligan" is a spoof of "The Hound of the Baskervilles" by Sir Arthur Conan Doyle. The plot is almost the same as the original, the main differences being that the Spike Milligan version is considerably shorter, and there is more humorous content. Written from the viewpoint of Dr. Watson (who is accompanied