One of the great mysteries of modern economics is how little attention is paid to the role of land in economic activity. In particular, taxing land ownership as opposed to taxing the economic activity that takes place on it. Flick open an economics textbook, and you’ll find the idea of taxing land ownership based on its unimproved values – basically, the ‘raw’ land itself – seems unthinkable. Which is strange because the forefathers of modern economic theory, dating back to Adam Smith himself, had a very different attitude to land taxation.
Currently we are taxed on what we produce, perhaps it would be more progressive to tax land instead of our labour?
The following list is neither definitive nor exhaustive, but it summarises the main points of the book and what we stand for
We shape the economy but… the economy shapes us.
A former Wall Street trader discusses the risks of interest rates.