It’s in the FT so it’s behind a logwall – google its title: “Economics and society: Barrier to a breakthrough” and it should be the first link.
It does so well, but then the sidebar has two doozys:
As land became less important to the industrial economy, labour unions rose and European aristocracies were overthrown, the idea of economic rents died away.
Land never became less important. It cannot, because industry still has to happen somewhere, and the ‘where’ has consequences.
Land rents still exist although governments tax most of them: they charge royalties on the production of oil and minerals, for example.
Resources royalties and token property taxes are the only ways that governments tax land rents, and these don’t even come close to ‘some’, let alone ‘most’. Land remains the biggest rent in existence.
As long as you’re aware of that, this article is awesome:
Although Tea Party and Occupy Wall Street activists may not all be aware of it, rage against economic rents is what unites them; it is the hidden factor behind much of what they hate.