It's the land, stupid.

• Author: Wetzel, Dave
• Position: FROM READERS - Letter to the editor

Ed Dodson ["From Readers," September/October] is absolutely correct in his analysis of current economic problems. Unless economists and policymakers recognize the role of land and natural resources in the creation of wealth, they will never come to grips with the problems of inflation, low wages, poverty, unaffordable homes, unemployment, high taxation, and the destructive business cycle of booms and slumps. As Dodson says, land and natural resources are a free gift of nature, with no cost of production. Hence rents should be used to fund state and civic expenditure so that work, enterprise, and profits have no need to be taxed.

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