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socialist world).Even now Lehman seemed to be in denial: The decks revealed that it had marked down the value of its commercial real estate assets by an average of only 15 percent. The Reagan administration soon abandoned its scruples about what was legal.
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But this was a time when the tax schedule was fixed by the occupying powers (in practice, the US authorities). In this framework, we work only up to the point where the disutility from an additional unit of work is equalized with the utility that we can derive from the additional income from it.
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