{"insight":{"id":"121742552","lede":"This is because unlike other subjects of taxation, the supply of land is fixed, so raising tax rates cannot affect supply.","slug":"land-value-taxation-is-unique-in-that-it-can-raise-tax-revenue-without-raising-th","title":"Land value taxation is unique in that it can raise tax revenue without raising the adverse fiscal incentives that other tax measures impose.","showTitleAsQuote":false,"epistemicStatus":"theoretical","reports":[{"id":"74233750","title":"Land Value Tax","slug":"land-value-tax"}],"tags":[{"slug":"growth","name":"Growth","id":"23932836","lede":"

We define growth as the expansion of wealth in society; growth is about generating a "a bigger pie".

\n\n

Amidst debates over the merits of continued growth, we begin with the idea that all else equal, a society with growth, with more wealth, is preferable to one with less. Without growth, society becomes a zero-sum distributional game: anyone's gain is another's loss. Growth (all else equal) enables shared prosperity.

\n\n

But there is broad agreement that current measures of growth, such as GDP, are inadequate to the task of providing a suitable proxy to guide further growth. Whether devising improved measures that account for missing elements such as sustainability, equity, leisure time, or digital value, or constructing altogether new proxies (OECD's Better Life Index, for example), the conversation about how best to measure, and thus drive, equitable, regenerative, socially desirable growth is a rich field of debate.

\n","ledeExcerpt":"We define growth as the expansion of wealth in society; growth is about generating a \"a bigger pie\".\n\nAmidst debates over the merits of continued growth, we begin with the idea that *all else equal*, a society with growth, with more wealth, is preferable to one with less. Without growth, society becomes a zero-sum distributional game: anyone's gain is another's loss. Growth (all else equal) enables shared prosperity.\n\nBut there is broad agreement that current measures of growth, such as GDP, are inadequate to the task of providing a suitable proxy to guide further growth. Whether devising revised measures, such as Tyler Cowen's notion of wealth plus\" (GDP, plus measures of leisure time, household production, and environmental considerations), or constructing altogether new proxies (OECD's 'Better Life Index), the conversation about how best to measure, and thus drive, equitable, regenerative, socially desirable growth is a rich field of debate.","featured":true},{"slug":"efficiency","name":"Efficiency","id":"72743745","lede":"

In general, efficiency refers to maximizing outputs while minimizing inputs.

\n\n

In economic contexts, there are two main types of efficiency: microeconomic efficiency (where system efficiency is understood as maximizing a particular output given available inputs), and the efficient-market hypothesis (a state where asset prices reflect all available information).

\n","ledeExcerpt":"In general, efficiency refers to maximizing outputs while minimizing inputs. \n\nIn economic contexts, there are two main types of efficiency: microeconomic efficiency (where system efficiency is understood as maximizing a particular output given available inputs), and the efficient-market hypothesis (a state where asset prices reflect all available information).","featured":true},{"slug":"taxes","name":"Taxes","id":"49378929","lede":"","ledeExcerpt":"","featured":null},{"slug":"pay-fors","name":"Pay-Fors","id":"99763897","lede":"

Public policies that require significant revenue often meet an important question: "how will you pay for that?" Pay-fors are potential sources of funding.

\n\n

While it should be noted that tax revenue does not actually fund government spending, pay-fors are important to manage inflation by offsetting government spending.

\n","ledeExcerpt":"Public policies that require significant revenue often meet an important question: \"how will you pay for that?\" Pay-fors are potential sources of funding.\n\nWhile it should be noted that tax revenue does not actually fund government spending, pay-fors are important to manage inflation by offsetting government spending.","featured":null}],"sources":[{"id":"121725289","lede":"\"In 1979–80, the city of Pittsburgh restructured its property tax system by raising the rate on land to more than five times the rate on structures. This paper explores the impact of this tax reform on the economic development of the city. Following some background on the theory of land taxation and Pittsburgh’s historical setting, the paper presents an empirical analysis of the impact of the tax reform. Pittsburgh experienced in the 1980s a dramatic increase in building activity, far in excess of other cities in the region. The analysis suggests that, while a shortage of commercial space was a primary driving force behind the expansion, the reliance on increased land taxation played an important supporting role by enabling the city to avoid rate increases in other taxes that could have impeded development.\"","link":"https://www.journals.uchicago.edu/doi/abs/10.1086/NTJ41789240?journalCode=ntj","slug":"the-impact-of-urban-land-taxation-the-pittsburgh-experience","kind":"Academic Paper","title":"The Impact of Urban Land Taxation: The Pittsburgh Experience","year":"1997-01-01","researchers":[{"id":"121725286","location":"","name":"Wallace E. Oates","seoDescription":"","slug":"wallace-e-oates"},{"id":"121725287","location":"","name":"Robert M. Schwab","seoDescription":"","slug":"robert-m-schwab"}]}]}}