The economics of small business

Small businesses do not work as microeconomic theory suggests. They don’t maximise profit. Most, at best, provide their owners with a fair wage. That’s why if you hit them hard – as Rachel Reeves has done – the economic impacts can be really serious.

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ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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