In my view the quesiton of valuation of privileges is the key technical challenge (as opposed to the linquistic challenge).  I don't have links handy but I plan to go into this in a future diary.  Rough estimates in the USA indicate that the annual rent from the obvious privileges are 35-40% of GDP.  There is enought money in privilege to run the government.  (I would also point out that the expenses of operating government are likely to fall if we collect for privileges.)

But the challenge is more complicated that just taking a shapshot of values at a moment in time.  We need models based on a generalizable set of factors such that we can perform dynamic modeling.  As soon as we start shifting taxes onto privilege the value of privileges will change (and quickly).  For example, core urban land will probably become more valuable while the the far edge suburbs will lose value.  If US cities become more compact and livable, the rent of oil bearing lands might decrease.  

If we want to use privilege as a tool to analyse socio-economic systems, I think it is important not to confuse the concept of privilege as (if I understand correctly) is proposed by Geonomist and the mundane meaning of privilege as in "the privileged class".

In the first case it is a concept that applies to every member of the society (even if some have more privileges than others), especially if we consider property as a privilege.

In the second case, it is a rhetorical figure which can be used in a political narrative.

 

"Ne te courbe que pour aimer..." René Char