Just before the Great Depression, the man who was to become Australia’s longest-serving prime minister saw the inverse relationship between escalating land prices and Australian prosperity.

Unfortunately, by lumping land in with capital, neoclassical economics finally won the day against the classical ideas of Henry George at the Great Depression.

So, the insights of Robert Gordon Menzies have now come to elude economists, financial analysts and politicians across the spectrum.

Hence, the repetitive smaller nine and larger eighteen year recessions that continue to bedevil world economies.

We need to start taxing land prices more and wages and purchases less.

But that’s most unlikely to happen before we experience the upcoming financial depression.