So called “capital gains” are actually unearned income, economic rent. Expanding tax favors for capital gains worsens inequality and impairs the economy.
. . . → Read More: Capital Gains and the Future of Free Enterprise
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(Presented at History of Economics Society Annual Meeting, Syracuse, New York, June 2010) Religious upheavals have generally preceded waves of radical reform and reaction in U. S. history, thus serving at least as leading indicators, and perhaps as causative explanations. As these waves rise and swell, crest, crash and ebb, they sweep and tumble most . . . → Read More: How Religious Awakenings Presage Radical Reforms The rapid growth of intensive irrigated agriculture in California is one of the more striking developmental achievements of modern tines. In 1870 California was noted for its cattle, wheat, and inordinate concentration o landholding. Today the highly developed farm areas of California look to the easterner more like gardens, and more like towns than . . . → Read More: Irrigation Districts and Economic Development in the San Joaquin Valley of California: The Role of Land Taxation The following data were taken from the assessment rolls of Los Angeles County for 1971-72 by Dr. William Truehart and presented in his dissertation at Claremont Graduate School, 1973. They are valid as very general indicators, but the assessor and his staff, Dr. Truehart, and I, all three, have handled them in . . . → Read More: Land as a Share of All Wealth The writer acknowledges the role and value of abstract reasoning in economics. He has done his share of it, and is not reacting against rationalism or marginalism. Abstract, however, should not mean abstruse or obscure; theoretical should not mean irrelevant or impractical; ideal should not mean intolerant or imperialistic. Theorists are increasingly scorning those rules . . . → Read More: Logos Abused: The Decadence and Tyranny of Abstract Reasoning in Economics A reply to comment by Henry Goldstein and Procter Thomson on my “Tax-induced Slow Turnover of Capital,” published in Western Economic J. WEJ editors returned it for shortening. Meantime Anthony Chisholm replied on my behalf, using some of this material. I have incorporated it into to be polished and published. . . . → Read More: Time, Taxes, Turnover and Intensity |
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