I still chuckle at the memory of a particular cartoon strip on the back cover of a 1960s MAD magazine. [No, it wasn’t a Spy v. Spy!]
An abstract artist draws a large rectangle he labels “Self Portrait” on a concrete footpath.
He then sprints to the top of an adjoining skyscraper and proceeds to jump off, destined to complete his self-portrait.
The guy was clearly conversant with Newton’s laws of motion.
Unfortunately, mainstream economists aren’t quite so aware of another natural law, Ricardo’s law of rent. Despite all the repetitive evidence to the contrary, they continue to believe we can ascend to the top of a gigantic land price bubble without going “splat!” at the bottom when it bursts.
Shackled to such incredible misbeliefs, maybe MAD magazine is the proper place for libertarian and neoclassical economists?
You say we need more funds to tackle poverty, homelessness, health, the environment, education and infrastructure? I say instituting the Henry Tax Review is a BIG step towards solving those problems.