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Re: NYTimes: Income Inequality May Take Toll on Economic Growth

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  • walto
    ... Hear, hear! W
    Message 1 of 4 , Oct 17, 2012
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      --- In LandCafe@yahoogroups.com, "roy_langston" <roy_langston@...> wrote:
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      > --- In LandCafe@yahoogroups.com, JDKromkowski <jdkromkowski@> wrote:
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      > > Do Land taxers care about this?
      > >
      > > Income Inequality May Take Toll on Economic Growth
      > >
      > > The concentration of income in a few hands might mean not just a more unequal society, many economists say, but also a less vigorous economy.
      > >
      > > http://nyti.ms/RPT6HT
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      > In a sense, as land taxers that's ALL we care about. Income inequality greater than productive inequality is an artifact of privilege, of which landowner privilege is certainly the biggest and probably the most economically harmful. An increasing concentration of wealth and/or income indicates that privilege is in the ascendant over production, and rent seeking commensurately more profitable than the productive labor and capital goods investment that produce economic growth. As rent seeking squeezes out production, especially productive investment, the whole economy is made poorer. The article you reference is quite hilarious in its bemusement over how favorable tax treatment for "investment" has not resulted in a more productive economy -- and the author, a Ms Annie Lowry, clearly has no idea that there is any difference between productive investment and rent seeking, if she has ever even heard of the latter.
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      > -- Roy Langston
      >


      Hear, hear!

      W
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