Land Rent, Taxation and Public Policy: Taxation and the Functions of Urban Land Rent
Abstract supplied by Wiley Publishing: Based on a paper delivered at the 15th annual meeting of the Regional Science Association, Cambridge, Mass., November 9, 1968. Portions of die study appear in Papers of the Regional Science Association; thanks are due the editor for permission to reprint. This article continues the discussion in my previous paper: “Land Rent, Taxation, and Public Policy: The Sources, Nature and Functions of Urban Land Rent,”Am, J. Econ. Sociol., 31 (July, 1972).
DetailsMoney, Credit, and Crisis
Abstract supplied by Wiley Publishing: The financial crisis of 2008–2009 has antecedents in earlier crises, including the Great Depression. In order to understand how the current crisis arose, we must review the most fundamental principles of banking. Doing that, we find that the main service performed by banks is the creation of liquidity, a collective good that can be destroyed by the behavior of individual financial institutions. The key element in creating liquidity is the monetization of various types of collateral. When collateral takes the form of land or capital that turns over slowly, banks lose liquidity. That is why major banking crises have frequently been associated with real estate lending. The best way to restore health to the financial system is by restoring the principles of the “real bills” doctrine that requires loans to be self-liquidating.
DetailsNature, Economy, and Equity: Sacred Water, Profane Markets (Chapter 3: Water in California: How It Can Help Us Understand the World)
Numerous conflicts over natural resources can be overcome by restoring reciprocity between public and private sectors of the economy. Chapter 3 shows problems created by California's water tenure laws. California's 19th century equitable solution (the Wright Act) is examined, along with inequities in legal regimes of India, Pakistan, South Africa, and the Philippines.
DetailsNature, Economy, and Equity: Sacred Water, Profane Markets (Chapter 6: Conclusion)
Abstract supplied by Wiley Publishing: Numerous conflicts over natural resources can be overcome by restoring reciprocity between public and private sectors of the economy. Chapter 6 concludes with four principles derived from the foregoing analysis.
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