188

THE  A  B  C  OF  TAXATION

1902.
1902.

1902.

1904.

1904.
1906.

3.  A  tax  upon  ground  rent  is  a  direct  tax  and  cannot
be  shifted  .......
4.  The  selling  value  of  land  is,  under  present  conditions
in  most  American  states,  reduced  by  the  capitalised
tax  that  is  laid  upon  it  .  .  .  .  .
5.  Hence  the  selling  value  of  land  is,  to  the  same  extent,
an  untaxed  value,  so  far  as  any  purchaser,  subsequently ­
  to  the  imposition  of  the  tax,  is  concerned
6.  Definition:  Monopoly:  Control,  absolute  or
substantial,  temporary  or  permanent,  of  the  supply
end  hence  of  the  price  of  any  commodity  or  service, ­
  whether  maintained  (1)  through  control  of
of  natural  resources,  (2)  through  some  special  and
exclusive  right  or  privilege  conferred  by  law,  (3)
through  combination  or  concert  of  action,  or  (4)  by
any  other  means  which  are  not  available  to  similar
capital  and  skill  in  competitive  hands.
7.  It  would  be  sound  public  policy  to  make  the  future
increase  in  ground  rent  a  subject  of  special  taxation.
8.  The  Selling  Value  of  Land  is  an  Untaxed  Value
(Illustration  No.  19)

YES  NO
108  26
ioj  17
9  5  2 4
86  3
77  10
59  2

The  concrete  suggestion  I  would  here  offer  is  that,  with  the
work  already  done  for  a  nucleus,  the  same  method  be  extended,
corrected,  improved,  and  adapted  to  include,  as  experience
may  justify,  other,  and  finally  perhaps  all  points  of  economic
theory,  and  the  practical  economic  rules  and  principles  to  be
deduced  from  them.  I  would  emphasise  the  great  importance
of  such  a  step  as  a  means  of  securing  agreement  on  economic
principles,  and  not  as  a  method  of  advancing  any  particular
programme  of  reform.
Let  it  be  supposed,  for  instance,  that  the  association  itself
should  see  fit  to  adopt  a  resolution  somewhat  as  follows:
Whereas:  This  association,  recognising  the  value  of  substantial ­
  agreement  upon  the  largest  possible  number  of  definitions
of  common  terms  and  of  economic  principles,  commends  effort
toward  the  establishment  and  general  enlargement  of  such
agreement  and  favours  response  and  cooperation  from  the
members  of  the  association,  therefore
Resolved:  That  the  President  is  authorised  to  appoint  a
general  committee  of  not  more  than  twelve  members,  upon
whose  recommendation  definitions  and  statements  of  principles