| Consumption taxes are less distortionary than labour income taxes because they fall on all production factors and not only on labour. |
| Venezuela is trapped in a vicious cycle of distortionary interventions, weak policy frameworks, and economic and social deterioration. |
| Universal benefits have an income effect, but are not, in themselves, distortionary as regards the choice of taking up work. |
| The distortionary effects of taxes very much depend on their interplay with benefit systems. |
| Measures that can be considered to alleviate the impact of high oil prices on poorer sections of the population should remain short-term and targeted, and should avoid distortionary effects. |
| Attacks like that can only work in a world where people don't understand the distortionary power of tax incentives. |
