Length7h 25m

About this audiobook

With an updated introduction by Fred Harrison, Shepheard Walwyn has now published this classic book as an eBook. Economists know that the optimum conditions for private enterprise are achieved when taxes on the earned incomes of labour and capital are reduced to zero but, because neoclassical economic theory insists on treating land as capital, they dismiss the obvious alternative to taxing labour and capital – the unearned income from land. Mason Gaffney explains the importance of recognising land as a distinctive factor of production and the consequences of its uniqueness for economic policy, for example, that income from land is subject to market forces quite different from those that determine a return on capital. Nic Tidman brings together the classical literature on land taxation to explain the argument that such taxation is an economically efficient and ethical revenue source. The authors argue that reform of the structure of public finance would make it possible to restore full employment without causing inflation and to reduce the overall tax burden. Once again, Shepheard Walwyn presents a different approach to an old problem.

Audiobook details

GenreBusiness and Economics
Length7 hrs 25 mins
Narrated byListen with 1,000+ voices
FormateBook with Audio
Publish dateJan 31, 2023
LanguageEnglish

Table of contents

1Cover Page
2Introduction: Taxation as a Political Choice
3Prologue: Rent-ability
4Land as a Distinctive Factor of Production
5A Primary Distinctions
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6A-l. Land is not produced nor reproduceable
7A-2. Land as site is permanent and recyclable
8A-3. Land supply is fixed
9A-4. Land is immobile in space and uncontrollable in time
10A-5. Land does not turn over. It is recycled and is versatile
11A-6. Land is not interchangeable with capital
12A-7. Land rents are subject to market forces that differ from those that determine interest rates (the price of capital)
13A-8. Land price guides investors and determines the character of capital, as capital substitutes for 8 land
14A-9. Land is limitational
15A-10. Land value is not an economic fund
16B Major Economic Consequences
17B-l. The origin of property in land is not economic
18B-2. Much land remains untenured
19B-3. Landownership imparts superior bargaining power
20B-4. Land Rent does not evoke production, thrift or investment
21B-5. Land rent is a taxable surplus
22B-6. Uniformity in taxation between land and capital is not neutral
23B-7. Land values are hypersensitive to discount rates
24B-8. Land markets are dominated by access to long-term credit
25B-9. Control of land gravitates to financially “strong hands”
26B-10. Land markets are sticky
27B-11. Land is a major basis of market power
28B-12. Land income is much greater than the current cash flow
29B-13. Consuming land means pre-empting its time
30B-14. Land’s rent is its opportunity cost, regardless of use
31C Land-driven Booms and Busts
32C-l. Land value is used as the basis of credit and money
33C-2. Land valuation is subjective
34C-3. Land markets are prime causes of instability
35The Economics of Efficient Taxes on Land
36Poverty and the Theory of Wages: a “Geo-classical” analysis
37Flawed Land Acts 1947-1976
38Postscript on Neo-classicism
39About the Authors
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