Asked by Chris Huynh on Apr 27, 2024
Verified
Henry George thought that
A) landowners deserve the economic rent that their land holdings provide.
B) a single tax on land equal to the unearned surplus that landowners receive would pay for all needed government.
C) economic inefficiency would result from a tax on the unearned surplus that landowners receive annually.
D) landowners bear most of the costs associated with economic growth.
Economic Rent
Income earned from the possession of a unique asset or advantage not due to individual effort or investment, such as land ownership or patents.
Unearned Surplus
Income derived from investments rather than from work or productive activity.
Henry George
Henry George was an American political economist and journalist who advocated for the "Single Tax" on land, arguing that this would reduce economic inequalities and promote social justice.
- Understand the basics of rent theory and its significance in shaping economic policies and outcomes.
- Understand the effects of taxing land and the economic outcomes that result.
Verified Answer
Learning Objectives
- Understand the basics of rent theory and its significance in shaping economic policies and outcomes.
- Understand the effects of taxing land and the economic outcomes that result.
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