3 ms·

It's amazing how libertarians and others who see free market and the invisible hand as sacrosanct principles don't see how rent-seeking[1] including the private

It's amazing how libertarians and others who see free market and the invisible hand as sacrosanct principles don't see how rent-seeking[1] including the private ownership of land is antithetical to those very principles. Libertarians claim far too much as "the product of their labor." Firstly, they immensely overvalue their individual contribution to a product and undervalue the contribution of all who came before them. Secondly, the finite natural resources and space (land) of the planet can NEVER be considered the product of anyone's labor, and thus can NEVER be treated as private property in any strict sense (exclusive ownership in perpetuity until sold, zero property or inheritance tax). The later point is conceded by Geolibertarians[2][3] and Georgists[4]. The notion of perpetual ownership of any finite resource is antithetical to the principles of the free-market, because it allows one to purchase an infinite amount of something (i.e. perpetual rights to a piece of land, including perpetual rent collection) for a finite sum. - [1] https://en.wikipedia.org/wiki/Rent-seeking https://en.wikipedia.org/wiki/Rent-seeking [2] http://geolib.com/welcome.html http://geolib.com/welcome.html [3] Are you a Real Libertarian, or a ROYAL Libertarian?, https://news.ycombinator.com/item?id=7076632 https://news.ycombinator.com/item?id=7076632 [4] http://povertythinkagain.com/controversies/a-word-from-the-sponsor-of-the-film-the-end-of-poverty-georgism-capitalism-and-socialism/ http://povertythinkagain.com/controversies/a-word-from-the-s...

ArkyBeagle 11y ago
I agree - rents are poorly understood. I read epic flamefests on nntp://sci.econ during the last 20 years and that is the only reason I "got it". Sadly, I have to differ on multiple other points: - Substitution pretty much makes resource constraints a nonproblem. We've gotten so good at this that there's a large trade in "antiques" largely based on the numismatic value of old materials. Whether or not the carbon content of the atmosphere counts is a very slowly closing but still open question. Having dealt with CARB, the California Air Resources Board, the probability of an honest solution based on public goods seems bleak. - The planet very well can be largely private. Let it be private and tax the rents. This leaves more open the question "what does government do?". Consider private and public as merely possible management - or finance - schemes, each with weak and strong points. - Perpetual ownership is just a lease with an undefined term. The British renewal rate of 99 years as a standard is just using a different constant. Of course people overvalue their contributions. It takes a long time to get calibrated properly. And when I was a kid, the grownups were a lot more likely to be blunt about this than I am led to believe they are now. But Libertarians are still the "R&D" department for politics.

ArkyBeagle 11y ago

I agree - rents are poorly understood. I read epic flamefests on nntp://sci.econ during the last 20 years and that is the only reason I "got it". Sadly, I have to differ on multiple other points: - Substitution pretty much makes resource constraints a nonproblem. We've gotten so good at this that there's a large trade in "antiques" largely based on the numismatic value of old materials. Whether or not the carbon content of the atmosphere counts is a very slowly closing but still open question. Having dealt with CARB, the California Air Resources Board, the probability of an honest solution based on public goods seems bleak. - The planet very well can be largely private. Let it be private and tax the rents. This leaves more open the question "what does government do?". Consider private and public as merely possible management - or finance - schemes, each with weak and strong points. - Perpetual ownership is just a lease with an undefined term. The British renewal rate of 99 years as a standard is just using a different constant. Of course people overvalue their contributions. It takes a long time to get calibrated properly. And when I was a kid, the grownups were a lot more likely to be blunt about this than I am led to believe they are now. But Libertarians are still the "R&D" department for politics.