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Originally Posted by Bruce Wayne
A careful study by two IMF economists, Anna Ivanova and Michael Keen, together with Alexander Klemm, of the Institute of Fiscal Studies in London, tries to unearth the causes of this pleasant fiscal surprise. They find little evidence that Russians, freed from the yoke of progressive taxation, suddenly started working much harder.
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That’s what I was telling you previously. You have to make sure that you’re not attributing a result to what is more likely one side or another of a cyclical economic curve. Not to mention, once again, not attempting to compare emerging economies with industrialized economies.
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