Quote

Our ideal society finds it essential to put a rent on land as a way of maximizing the total consumption available to the society. ...Pure land rent is in the nature of a 'surplus' which can be taxed heavily without distorting production incentives or efficiency. A land value tax can be called 'the useful tax on measured land surplus'.

Paul Samuelson

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Paul Samuelson
Age: 94 †
Born: 1915
Born: May 15
Died: 2009
Died: December 13
Economist
University Teacher
Gary
Indiana
Paul Anthony Samuelson
Paul A. Samuelson
Values
Ideals
Finds
Taxed
Nature
Available
Production
Surplus
Without
Taxes
Ideal
Heavily
Way
Value
Productions
Rent
Pure
Useful
Incentives
Land
Total
Measured
Called
Essential
Efficiency
Distorting
Society
Essentials
Consumption
Maximizing

More quotes by Paul Samuelson

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It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.
Paul Samuelson
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First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).
Paul Samuelson
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I don't care very much for the People Magazine approach to applied economics.
Paul Samuelson
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Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.
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If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.
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I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.
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Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
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I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.
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Two-thirds of a century after [The Road to Serfdom] got written, hindsight confirms how inaccurate its innuendo about the future turned out to be.
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By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate and increase in supply will, other things being equal, tend to depress wage rates.
Paul Samuelson
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
Paul Samuelson
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Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
Paul Samuelson
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Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.
Paul Samuelson
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What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job?
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There is something in people you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
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Mea culpa, mea culpa. MIT and Wharton and University of Chicago created the financial engineering instruments, which, like Samson and Delilah, blinded every CEO. They didn't realize the kind of leverage they were doing and they didn't understand when they were really creating a real profit or a fictitious one.
Paul Samuelson
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Man does not live by GNP alone.
Paul Samuelson
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The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.
Paul Samuelson
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You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life.
Paul Samuelson
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Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.
Paul Samuelson