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by eru 3658 days ago
Oh, definitely.

That's why I am in favour of taxing land values (as a proxy for unearned land rent), and the central bank targeting nominal GDP levels.

The former policy dampens land price bubbles and raises taxes in the most economically efficient way possible; the latter avoids real shocks in one part of the economy taking the whole house of cards down.

Ideally, no single company would then be too big to fail.

http://www.economist.com/blogs/freeexchange/2015/04/land-val...

http://www.economist.com/blogs/freeexchange/2011/10/monetary...