Adam Smith

J. B. Say

Marshall

Ricardo

Capitalist economy

Socialist economy

Traditional economy

Mixed economy

There is no direct relationship between the tax payer and the government

Direct relationship between tax payer and the government

Tax base is income

The incidence and impact are on the same person on whom tax is imposed

Product differentiation

Multiplicity of prices for identical products at any one time

Many sellers and a few buyers

Only one price for identical goods at any one time

the absence of the black-market

the presence of black-market

increase in prices

fall in production