Friday, July 9, 2010
Martin Wolf in the FT on fine form:
"I have long been persuaded that resource rents should be socialised, not accrue to individual owners. Yet, as [Fred] Harrison tellingly remarks, â€œas a community we socialise our privately earned incomes (wages and salaries), while our social income (from land) is privatised.â€ Yet, whatever one thinks of the justice of this arrangement, the practical consequences have become calamitous. Do we want to start yet another credit-fuelled property cycle as soon as the debris of the present one is cleared away, some years of misery hence?"