Op-Ed in The Guardian – The overselling of financial transaction taxes

Op-Ed in The Guardian – The overselling of financial transaction taxes
Kenneth Rogoff, professor of economics and public policy at Harvard University and chief economist of the International Monetary Fund from 2001-03 writes against a financial transaction tax (FTT).  He concludes that the fundamental problem with FTTs is that they are distortionary; for example, by driving down stock prices, they make raising capital more expensive for firms. In the long run, this lowers labor productivity and wage levels.