01:220:301 Lecture Notes - Lecture 7: Corn Laws, Single Tax, Capital Market
Document Summary
Very concerned about distribution of income: only landlords really gain from growth. Intensive margin now 3 on a: extensive margin is now c. What happens if there is an increase in the price of wheat: also benefit land lords, also increases rent policy implications, gloom and doom about distribution of income. Need to make your money some other way: higher taxes on land. Land taxes wont effect production much: abolish corn laws. Inspired by ricardo: progress and poverty (1879, single tax movement replace all taxes with land taxes. Two most important books that he wrote: communist manifesto 1848 (with engels, capital a critique of political economy (vol1, 1867, german: das kapital. Thought that cotton textiles dark satanic mills. Policies: mainstream: factory acts, limited the amount of hours, sanitation, ventiliation, child labor, against child labor, calls for iron law wages that you are ruining it, communists: abolish private property.
