Adam Smith Blog, here
I quote (a quote):
All people born in rich countries thus receive a location premium or a location rent; all those born in poor countries get a location penalty. [In a world of low international migration] most of one’s lifetime income will be determined at birth.
Well, that kills off all the anti LVT arguments stone dead, one would have thought. What is true between countries must also be true within countries.
Debate Magazine
