Why no one is talking about Greece
- The presumption is that, so great is the economic emergency in Greece, that quibbles about depreciation will be overwhelmed by the need to do something drastic.The Labour Government in the crisis of 1931 passed a Land Value Tax as part of the Finance Act (implementing the Budget) but the same financial emergency put them out of power and the Conservatives in the subsequent coalition stabbed the originator, Snowden, in the back .Not everywhere in the world implements taxation policy locally ,as appears to be the case in the US (from numerous e-mails on land cafe:Walto has also commented on local problems which seem, from a UK perspective, to consist of people not believing their houses are near valueless compared to the land underneath).
Good to see a plug from the all-time great Sir William Petty, a true Enlightenment figure who was a founder member of the Royal Society.With quotes like the following he might be considered a founding father of land/ labour theory "..all things ought to be valued by two Natural Determinations,which is Land and Labour;that is we ought to say a ship or garment is worth such a Measure of Land,with such another Measure of Labour; forasmuch as both Ships and Garments were the creatures of Lands and men's Labours thereupon.This being true,we should be glad to finde out a natural Par between Land and Labour" from a treatise on Taxes and Contributions (1662!) It's on the Net in entirety.
The existence of this treatise makes Cantillon's "Essay on the Nature of Commerce in General" (some time prior to 1734) seem less of a one-off:"The real value of everything used by men is proportionable to the quantity of land used for its production and for the upkeep of those who have fashioned it".Substitute "cost" for "quantity" in this quote and you have it in a nutshell IMO.