Also cited is the political economist/journalist who started a serious theory of Land as the basis for just and sound economic policy: Henry George
Sometimes old ideas are good ideas. Henry George advocated forcefully for a land tax in his 1879 book, "Progress and Poverty ." More than 135 years later, perhaps its time is ripe.
Orzag concludes:
So here is a bold idea for a national candidate: Propose a national land value tax. It would highlight the fact that, except for land and housing, capital ratios have not risen here, despite Piketty's rhetoric. It would also be economically efficient and reduce wealth inequality. The revenue could be used to reduce other taxes, or to help close the actuarial deficits in our entitlement programs, or some combination thereof.
As I re-watched the November 24, 2014 Smart Talk interview between Andy Mazzone and Yanis Varoufakis, I took the following notes and added more thoughts parenthetically:
Piketty -- Varoufakis -- George Notes
Mazzone points:
1. We have a broken neoclassical model
2. Capitalism has inexorable outcomes but no empirical explanation for them is provided by Piketty
3. There are accidental good times (e.g. WWI -- apx. 1980) but these are treated as exogenously caused and without explanation
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