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In "The Corruption of Economics," the precise manner in which Henry George was neutralized is uncovered by professor Mason Gaffney. That manner -- which later became known as neo-classical economics -- was to corrupt economic science. How? By blurring the traditional distinction between capital and land (and hence between earned and unearned income), by glossing this blurred distinction with jargon and abstract models, and by recasting economics generally to make free-riding by landowners seem just and moral.
Unable or unwilling to address Gaffney's arguments head-on, some economists are fond of dismissing this book out of hand as nothing more than a "conspiracy theory." In reality, it's a scholarly analysis of the anti-Georgist origins of the neo-classical school of economics, and how this school made an artform out of justifying landed privilege. Every single one of its claims in that regard are supported by credible references.
"The Corruption of Economics" is a must-read for anyone who suspects there is something inherently flawed with "mainstream" economic theory -- particularly when it comes to reconciling the seeming conflict between economic liberty and social justice -- but is unsure as to what that flaw is.


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Imagine a TV game show's results helping to determine the next leader of the free world!
I heartily recommend this book.



The combination makes this fine book both an interesting history of Faulkner's native "postage stamp of soil" and an excellent introduction to Faulkner's world. It also provides a wonderful example of what a historian actually does (although not without some cautions along the way).

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Under the current system, public revenue is derived primarily from taxes on labor and capital. This, they argue, imposes tremendous deadweight loss on the U.S. economy (i.e., a net loss in which the income lost to taxes far outweighs the benefits received from tax-funded services). Some argue that this can be remedied merely by reducing the level of taxation. That, the authors hold, is a false solution, because the problem is "not with the tax rates, but the character of the tax system itself" (p. xvii). The character of the current system is that it imposes unjust hardships on millions of working men and women. How? Two ways.
First, by falling primarily on houses, wages, sales and capital goods, it penalizes people the more they put land to productive use, resulting in less jobs and lower wages.
The second way is less obvious, because it involves artificially extending what some economists call the "margin of production." The margin of production simply refers to the least productive land currently in use. (Lower quality land beyond the margin is thus "submarginal.") By taxing land rent very little, the current system encourages land speculation, a process whereby speculators hold well-situated land out of use in hopes of exacting a ransom price from future developers. The resultant scarcity of land drives up land prices to the point of forcing developers to "leap-frog" into the urban fringes where land is still affordable -- hence the runaway sprawl that plagues heavily populated areas. In that way, land speculation forces the margin of production to inferior land, thus lowering it to an artificially low level. Since the amount of wages received at the margin of production tends to determine the amount of wages received everywhere else, the more this margin is prematurely extended to submarginal land, the more wages are driven down.
With all that in mind, the authors conclude that this trend can be reversed simply by shifting the tax burden off labor and capital and onto land values. How much would such a shift boost the economy? On page 147, economist Nicolaus Tideman estimates that:
"...a shift to public collection of rent as the principal source of public revenue in the U.S. in 1993 would have increased the output of the U.S. economy by $1,602 billion above its actual level for 1993, implying that the U.S. economy is producing only 77 percent of what it could produce with a better tax policy."
In other words, virtually all the unemployment in the U.S. economy is utterly unnecessary, and could be wiped out by implementing a land-based tax system.
To this some often object that the revenue capacity of land is insufficient. In chapter 2 Fred Harrison reveals that this objection is based on the myth that land rent makes up only 2% of the national income. According to a ground-breaking study by Wall Street economist Michael Hudson, Harrison explains, the revenue capacity of land is actually about 14% of the national income, or what in 2002 would amount to over $1.1 trillion in annual revenue.
What's more, economists throughout history have observed that, when taxes on labor and capital are lowered, land values tend to rise proportionately. Why? For the simple and obvious reason that, the more people can afford to pay for access to a fixed quantity of land, the more titleholders tend to charge higher rents. If, for instance, the payroll tax were abolished, most of the resultant increase in take home pay would be absorbed by higher rents. It therefore follows that the more the tax burden on labor and capital is reduced, the more the revenue capacity of land is raised by a comparable amount. Thus, once this tax shift was implemented, the revenue capacity of land would likely double to well over $2 trillion - hardly an "insufficient" amount. Economist Mason Gaffney explains this more thoroughly in chapter 7.
"The Losses of Nations" is one of the most important books on tax reform ever written, and should be required reading by every member of Congress.

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Preface
Acknowledgments
Urbanization of Dixie
The New Order of Things
Ebb Tide
Patrician and Parvenu
The Atlanta Spirit
The Charleston Style
New Class
Gentility and Mirth
The New Paternalism
Paternalism and Pessimism
Epilogue
Notes
Index
Students interested in the too-often forgetten urban south should get this book

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It is 1915 when Bigelow, a young scientist, is dispatched to build a weather observatory in Anchorage. He is optimistic and enthusiastic, little realizing what life will be like in an arctic railroad town peopled by men and precious few women. The nights are endless and lonely.
Before long he is held sway by a seemingly unknowable woman, Aleut. She is not his only obsession - he designs a kite intended to fly higher than any kite has ever flown.
Harrison's recreation of an icy landscape in all its beauty and danger is spectacular. Stella's reading illuminates that world and her words.
- Gail Cooke

Bigelow has three relationships through the course of the story: one with the kite, which consumes not only his intellect and emotions, but great periods of his time every day; a physical and strangely emotionally distant relationship with an Aleut woman whose name and background he never knows fully. Thirdly, he has another physical and highly emotional liaison with a young woman who communicates only through song.
Harrison's descriptions of the Alaskan frontier with all its vastness, great white blankets of snow and ice, and the long stretches of light and darkness bring the reader into Bigelow's setting like no other novel I can remember.
THE SEAL WIFE is the finest example of the novelist's craft! I would really, really like to see her write into a screenplay. This is a story of great drama veiled by the whiteness of Alaska, and the loneliness of a man's soul. Beautifully done, Kathryn Harrison!!

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It has interesting case studies from around the globe and engaging illustrations that really convey an understanding of the state of the world. However, I would have liked to see a more prescriptive section with recommendations for action as well.
I recommend checking out the table of contents on the "Look inside" link, because the TOC is very representative in this book's case. I also recommend checking out World Resources 2000-2001, the companion book to Bill Moyers' series "Earth on Edge." It's perhaps a bit more engaging although not as focused on population.

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