A search-theoretic critique of Georgism

posted by
February 14, 2012
EconLog
by Bryan Caplan  
Posted in Commentary

"Economist Henry George famously advocated a 100% (or near 100%) 'Single Tax' on the unimproved value of land. Many modern tax economists, most notably Joseph Stiglitz, conclude that George's logic was sound: Since the unimproved value of land is perfectly inelastic, even an expropriatory tax is non-distortionary. Economists' main objections to Georgism are merely that (a) it is difficult to implement in practice, and (b) politically impossible. My co-author Zachary Gochenour and I have a new working paper arguing that the Single Tax suffers from a much more fundamental flaw." (02/14/12)

http://econlog.econlib.org/archives/2012/02/a_search-theore.html  

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