AN INCOMPLETE LIST ….

…. OF THE ILLS STEMMING FROM OUR FAILURE TO CAPTURE THE RENTS FROM OUR NATURAL RESOURCES
  1. Increasing land prices (which are the private capitalisation of uncaptured public rent) which have led to speculative ‘investment’ in housing, and to unaffordable housing for our young
  2. Declining real wages
  3. Declining business profits
  4. Rent-seekers becoming wealthy by inflating asset bubbles at  great cost to the wider community
  5. A widening gap between the super-wealthy (the rentier 0.1%) and the increasingly debt-laden 99.9%
  6. Increasing sell-offs of natural monopolies held by government which have yielded public rents  (viz, gas, electricity, airports, freeways, etc.)  i.e. “Selling off the silverware provided by our predecessors”
  7. Underfunding of education, health, welfare and infrastructure sectors of the economy
  8. Increasing environmental degradation as a result of not capturing the publicly-generated rents of our land and natural resources
  9. Increasing dispossession, poverty and crime
  10. A political regime wedded to parties that support finance, insurance and real estate (the ‘FIRE’ sector) ahead of its people. “FIRE is a good servant but bad master”
  11. Increasing urban agglomeration, rather than decentralisation
  12. Massive deadweight inflicted upon the economy by arbitrary taxation

People may claim that leeching rent-seekers (and their friends who, in turn, feed off them) would never allow a revenue switch from taxes on goods and incomes to natural resource-based rents, but what’s not to like about reversing this list of worsening social pathologies?

 

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