All natural resources: land, sea and sky, yield a ‘land’ rent (read natural resource rent).
This rent is not earned by any individual. It’s generated by the population.
We go to school without learning about land rent.
We go to university without learning about land rent.
So, we tax wages and productivity away instead of land rent.
And so, we develop recessions and depressions.
Cui bono? Certainly not the vast majority of people.
Taxing rent away is not new, it’s been done before: and people were much better off:-
- In 15th Century “Merrie England”
- In the first part of the 20th Century
Nobody seems to notice the descent into the repetitive economic depressions noted by Nikolai Kondratieff.