GeorgismGeorgism, in modern times also called Geoism, and known historically as the single tax movement, is an economic ideology holding that persons (including corporations) should own the value that they produce themselves, while the economic rent derived from land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society.
Henry George theoremThe Henry George Theorem (HGT) states that under certain conditions (mainly optimal city size), aggregate spending by government on public goods will increase aggregate rent based on land value (land rent) more than that amount, with the benefit of the last marginal investment equaling its cost. The theory is named for 19th-century U.S. political economist and activistHenry George.
Land (economics)In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of productionLand is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor.
Economic efficiencyIn microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another.Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost.These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient.
Progressive taxHigher tax on richer sources Rough estimation of average tax rates by income groups in France, the United Kingdom, and the United States, 1970 (left) and 2005 (right). It implies that in these respective countries, taxes were more progressive in 1970 than in 2005. A progressive tax is a tax in which the tax rate increases as the taxable amount increases.
Tax burdenProportion of income paid in taxes at different income levels Chart comparing effective total (federal and state and local) tax rates in the United States, of the richest Americans and those in the bottom 50% of earners The tax burden is the level of effective taxation represented as the distribution of tax rates across people, households, sectors, or forms of income by the amount of their income.
Henry GeorgeHenry George (September 2, 1839 – October 29, 1897) was an American political economist, social philosopher and journalist. His writing was popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce themselves, but that the economic value of land (including natural resources) should belong equally to all members of society.Personal propertyPersonal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings).
Economic inequalityEconomic inequality is an umbrella term for three concepts: income inequality, how the total sum of money paid to people is distributed among them; wealth inequality, how the total sum of wealth owned by people is distributed among the owners; and consumption inequality, how the total sum of money spent by people is distributed among the spenders.
David RicardoDavid Ricardo (18 April 1772 – 11 September 1823) was a British economist and politician. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill. Ricardo was born in London as the third surviving child of a successful stockbroker and his wife. He came from a Sephardic Jewish family of Portuguese origin.
Adam SmithAdam Smith (baptised 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by many as the "father of economics", or the "father of capitalism", he is primarily known for two classic works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
Schools of economic thoughtIn the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.*As an Amazon Associate I earn from qualifying purchases.