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Life Arts

Educating the Next Generation

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Emmanuelle: Yeah, I saw that in one of your papers.  

Scott: Right.  

Rita: You know, and we mentioned that to one of those developers at on Earth Days (a recent event for vendors/activists near Grand Central in New York that Common Ground-NYC members participated in) and what was his reaction?   They're not supposed to pay taxes!

Scott: I know.   This is the problem we get.   You know, they think it's a God-given right that if they sit on Land that they should not pay taxes.

Rita: They said they would move to New Jersey!

Scott: Yeah, well they threatened that. They don't pay tax in New Jersey either, by the way.  

Emmanuelle: It's just for them?

Scott: Yeah.   It's a special deal just for them.   Morgan Stanley doesn't have this deal.

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Rita: Nobody (else) has this deal.

Emmanuelle: They're (Goldman Sachs) a cause of the whole collapse"

Scott: A big part of it, yeah.  

Bill: Let me give another example of economic rent.   At all the big airports.    The planes come in and out all day.   But the most congested time is about 5 o'clock in the afternoon.   That's when everybody is taking off for Paris or wherever they're going.   So lots of planes are landing and leaving about that time of day.   But the airport is much less crowded at 2:00 o'clock in the morning.   Now, the airlines own the timeslots around the airport so that every 3 minutes there's a landing slot and they own that time as their property.   Now, one of the reasons why the airport is very crowded is because sometimes the airline does not even use its their property -- they just keep it! Now, if we auctioned off those time slots to the highest bidder so then if they didn't use it, they'd still be paying for it, then there would be a liquid market in time slots and the airport efficiency would go way up.    And m any economists have argued that that's how we should solve the problem of congestion at airports.   We should auction those timeslots.   But no, if you look at the annual report of American Airlines, you can see they list their property assets, and part of that is their timeslots at the airport.  

Scott: Same with driving, if we had congestion pricing"

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Bill: Now, see they didn't create that time.   The value of that time was created by all the airlines together in that community who make the market.   The value of the time in that particular slot is the result of everybody.   T hat's economic rent.   And that goes for radio waves, cell phone frequencies, satellite orbits"

Scott: Boat docks"

Bill:   Yes.  

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:

Scott is President of Common Ground-NYC (, a Geoist/Georgist activist group. He has written dozens (more...)

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Nice Job. There is no explanation so clear as ... by Thomas Brown on Monday, Jul 2, 2012 at 1:31:38 PM
by Charles Einstein. He argues similarly, but also... by Daniel Geery on Tuesday, Jul 3, 2012 at 1:36:58 PM