Austrian School

Fred E. Foldvary — The Ultimate Tax Reform: Public Revenue from Land Rent

Some economists of the Austrian school reject the distinction between land and capital goods. They think improvements such as buildings are also land, so the supply is not fixed. But that is a semantic quibble and a refusal to face the issue. The common-sense fact is that the space in a plot of land cannot be increased or decreased. Whatever one wants to call it, we can distinguish stuff we construct on a site from the site itself. ... read the whole document