Unit 4.3.5 - Principles of taxationThis section of the Cambridge IGCSE Economics (0455) syllabus requires students to understand the principles of taxation, i.e., the qualities of a good tax.Scottish economist Adam Smith (1723 - 1790) is regarded as the father of economics (see Box 6). In his book "The Wealth of Nations" (1776), Smith argued that taxation must follow four interrelated principles to be effective. Essentially,...