APPENDIX  F

187

F
AGREEMENTS  IN  POLITICAL  ECONOMY*
[The  following  address,  delivered  at  a  Round  Table  Conference  of  The
American  Economic  Association  is  thought  worthy  of  inclusion  here,  because
it  is  believed  that  the  plan  proposed,  defended,  and  adopted  is  bound  to  prove
fruitful  in  advancing  every  good  cause  the  promotion  of  which  depends  upon
the  widespread  knowledge  and  acceptance  of  sound  economic  opinion.]
I  feel  highly  honoured  in  having  been  called  to  the  chairmanship ­
  of  a  Round  Ta£)le  of  the  American  Economic  Association ­
  for  the  discussion  of  Agreements  in  Political  Economy,  a
topic  that  has  long  appealed  to  me  as  of  the  very  greatest  interest
and  importance.
I  have  been  engaged  for  several  years  in  a  sort  of  probationary
work,  known  to  many,  perhaps  to  most  of  you  —  that  of  trying
to  elicit  from  economists  agreement  upon  certain  definitions  and
statements  of  principles,  touching  land  value  and  land  taxation.
Perhaps  the  best  illustration  I  can  give  of  the  plan  I  have  in
mind  is  a  statement  of  the  present  fruits  of  this  effort,  imperfectly
indicated  by  the  following  recorded  canvass  of  opinions:
1902.  i.  Definition:  Ground  rent  is  what  land  is  worth  yes  no
for  use  .  .  •  -  •  •  •  135  0
1902  1.  Definition:  Public  Franchises  are  exclusive  free
privileges  granted  to  one  or  several  persons  incorporated, ­
  from  which  the  mass  of  citizens  are
excluded.  These  franchises  usually  pertain  to  land,
including  as  they  do  (to  use  the  language  of  the
New  York  Legislative  Ford  Bill)  all  “rights,  authority, ­
  or  permission  to  construct,  maintain,  or
operate,  in,  under,  above,  ypon,or  through,  any
streets,  highways,  or  public  places,  any  mains,
pipes,  tanks,  conduits,  or  wires,  with  their  appurtenances, ­
  for  conducting  water,  steam,  heat,  light,
power,  gas,  oil,  or  other  substance,  or  electricity  for
telegraphic,  telephonic,  or  other  purposes”
Hence  their  classification,  by  the  above  Act,  as
“land  values  ”  maybe  confirmed  as  correct,  and
their  annual  values  properly  classed  as  ground
rent  .  103  25
*  Paper  presented  at  a  Round  Table  Discussion  at  the  Annual  Meeting  of  the
American  Economic  Association,  Madison,  Wis.,  December  28,  1907.