... increases.16 The political economy of taxation The volatility of the income will also a ect the magnitude of the welfare state. If the uctuation of income increases (for example as a consequence of ... regimes the level of redistributive spending should be minimal. The third tenet of the formal voting theory emphasizes the importance of the form of the voting game’. On the contrary, there ... interact with the main macroeco-nomic variables, such as the level of GDP per worker, the openness of the economy, the level of debt and the share of agriculture, and with other socio- economic...