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OpEdNews Op Eds    H3'ed 7/6/12

The Crises of Costs and Social Costs

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Message Farid Khavari

3)     Insurance.

 

Since these three sources of cost occur at the beginning of all production processes, they compound throughout the different stages of production, increasing final costs tremendously.   Those economies that get these factors under strict control would become the leading economies in the world. This fact applies to private households, businesses and governments as well.

 

Taxes are next in line, but they are not as critical as those three other sources for the following reasons:

 

1)     Taxes less affect the cost of production and services at the beginning stage of production as energy, interest and insurance do.

2)     Taxes usually apply after the sales are done and revenues are collected.

3)     Taxes involve other issues and aspects that must be dealt with differently. Until we find another source of revenue for government to replace taxes as the primary source, taxes will remain an integral part of every economy.

 

Those taxes that are most harmful are property taxes and income taxes.

 

The common notion to cut cost by implementing contractive economic-policies based on cuts and layoffs would be the worst and the most destructive measure to possibly execute.

 

Although labor cost is a major source of cost, people need income to live; to cut their salaries or laying them off would harm anemic economies even more and labor cost would be replaced with social costs such as unemployment, food stamps, crime, legal and prisons.

 

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Farid A. Khavari, Ph.D., is a noted economist and independent candidate for Florida governor in 2014. He is the author of 10 books including Environomics: the Economics of Environmentally Safe Prosperity (1993) and Toward a Zero Cost Economy (more...)
 

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