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This was why the neo-classicals sought to redefine the terms to include land as a form of capital and money as a form of capital. That confounds the analysis that allowed George to justify the single tax as a tax on the unimproved value of land, which would have been most inconvenient to large scale insider land speculators, including railroad barrons and those obtaining the land made available for land grant universities. Not only did they get the land, but they also got the power to determine how the new subject of economics would be framed and taught.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue May 29th, 2012 at 07:34:13 PM EST
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