As a consequence of the research and teaching in public \ufb01nance at Harvard by Martin Feldstein, Richard Musgrave,\u00a0and Lawrence Summers, Harvard has been a \u2018hot bed\u2019 of activity on the cost of capital for the past two decades. The\u00a0concept of the marginal effective tax rate was developed in collaboration with Alan Auerbach, then Assistant Professor\u00a0of Economics at Harvard. The research reported in this book is the result of a collaboration that began when KunYoung\u00a0Yun was a graduate student at Harvard. Christophe Chamley, Robert Fry, Roger Gordon, Fumio Hayashi,\u00a0Taewon Kwack, John Laitner, Eric Stubbs, Martin Sullivan and Brian Wright are among the many\u00a0former Harvard students who have made important contributions to tax policy and the cost of capital.<\/p>\n","protected":false},"excerpt":{"rendered":"
The cost of capital was originally presented in a paper written while the author of this Preface was Ford Foundation\u00a0Research Professor of Economics at the University of\u00a0 Chicago. Stimulating conversations with Zvi Griliches, Arnold\u00a0Harberger, and Robert Lucas, who was then a graduate student at Chicago, were especially valuable at this stage.
\nGriliches kindly arranged for the paper to be presented at a meeting of the American Economic Association. The\u00a0paper was published in May 1963 in the proceedings of that meeting. Lucas incorporated data on the cost of capital\u00a0into his dissertation research.<\/p>\n","protected":false},"featured_media":9271,"template":"","meta":{"inline_featured_image":false},"product_brand":[],"product_cat":[10379],"product_tag":[10393,10399,10349],"class_list":{"0":"post-9270","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-altax-library-en","7":"product_tag-capital","8":"product_tag-cost","9":"product_tag-tax-reform","11":"first","12":"instock","13":"sale","14":"downloadable","15":"virtual","16":"purchasable","17":"product-type-simple"},"yoast_head":"\n