The basic facts of economics : $b A common-sense primer for advanced studentsPost, Louis F. (Louis Freeland)
General
The basic facts of economics : $b A common-sense primer for advanced students
Post, Louis F. (Louis Freeland)
Economics
As the practical approach to that fundamental Economic reform--that
reform of which its principal and distinguished advocate, Henry
George, said that it would not accomplish everything in the way of
Economic adjustment, but that without it nothing could be accomplished,
for without it every Economic improvement instead of raising Wages
raises Rent, instead of increasing the compensation of producers of
Artificial Objects increases the values of the Natural Resources from
which alone Artificial Objects can be produced and on which alone
they can be traded, used or enjoyed--as the practical approach to
that fundamental Economic reform the Single Tax policy proposes its
application gradually. It aims to substitute by stages the Taxation of
Land according to its value as a commodity, for the present unrighteous
and obstructive taxation of the actual uses of Land.[6]
[6] See “Progress and Poverty,” “Protection or Free Trade,” and
“Social Problems,” by Henry George, and “What Is the Single
Tax?” by Louis F. Post.
Irrespective, however, of Taxation problems or of private _versus_
common rights, and retaining the long-time technical terms for
primary Distribution of Wealth--Wages as to Wealth not allocated to
Landownership, and Rent as to Wealth so allocated--we may proceed to
our study of Rent for Landownership as the secondary allocation of
Wealth in Economic Distribution.
II. RENT FOR LANDOWNERSHIP
For the use of any Land which is more desirable in its natural state
than the best to be had for the taking, part of the Wealth produced
from and upon it by Labor is allocated, through operation of Natural
Economic Law, to the Distributive category for which the technical
Economic term is Rent.
That allocation of a share of Labor-produced Wealth to Rent necessarily
diminishes the proportion allocated to Wages, but it does not
necessarily lessen the quantity.
Without Rent, Wages takes the whole Product; with Rent, Wages can
of course take only a fraction of the whole. Yet as a result of
enhancement of Labor-power--specialization, steam, electricity and
other productive developments--that fraction of the whole may be
greater in amount than the whole in less productive circumstances.
Rent is that proportion of total Wealth production which results from
the use by Labor of Land lying above the Economic frontier, which in
Economic terminology is best known as the Margin of Production.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account