The new dynamic public finance the toulouse lectures in economics author kocherlakota narayana r july 2010 kocherlakota narayana r books amazonca. This book is based on the sixth toulouse lectures in economics that i gave at the toulouse school in economics on march 17 19 2008 being invited to give the lectures and presenting them were highlights of my professional career i thank the faculty at the toulouse school for their thoughtful comments and lavish hospitality the resulting book is designed to be used in an advanced ph d . Narayana kocherlakota foundations for dynamic social contracting the sixth toulouse lectures in economics the new dynamic public finance toulouse france march 17 2008. The toulouse lectures in economics 2 the new dynamic public finance narayana r kocherlakota optimal tax design attempts to resolve a well known trade off namely that high taxes are bad insofar as they discourage people from working but good to the degree that by redistributing wealth they help insure people against. Sixth toulouse lectures in economics march 17 19 2008 thenewdynamicpublicfinance narayana kocherlakota university of minnesota frb minneapolis and nber lecture 2 properties of dynamic optimal taxation systems o a government has to make purchases over dates and states o it raises revenue via taxes on labor income and on wealth and possibly other ways o what are the properties of