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ECONOMIC GROWTH CENTER - Yale University
www.econ.yale.edu2 1. Introduction U M T ntil the mid 1970s, the Japanese machine-tool industry had lagged behind its U.S. and German counterparts. Indeed, in 1975, Japan was the fourth largest producer behind the
ECONOMIC GROWTH CENTER - Yale University
www.econ.yale.edu1 Introduction and motivation The standard way to finance highways leading to new land developments is with general public funds, to be recovered via increased property taxes.2 One problem with this approach, is that the increase in tax receipts takes place after the road is built (and the land developed and sold to new owners), thereby leaving ample