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20??-??-??-land-use-policy/notes.org
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* https://forum.effectivealtruism.org/topics/land-use-reform
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The problem
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Laws at the local level in the United States and many other countries impose
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strict limits on how much total floor area can be built on a plot of land. Such
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zoning laws constitute a major obstacle to the construction of dense housing.
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The resulting increase in housing prices reduces economic efficiency by creating
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significant deadweight loss; increases inequality by transferring wealth from
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renters to landowners; and reduces both wages and total economic output by
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preventing workers from relocating where they can be most productive.
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The effects of zoning laws on housing prices can be estimated by comparing the
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sale price of housing to the associated costs of land and construction.[1] Open
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Philanthropy has combined these estimates with rent data and some additional
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assumptions to conclude that the aggregate "tax" on renters in five large
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metropolitan areas amounts to over $100 billion in deadweight loss per year.[2]
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A study by economists Chang-Tai Hsieh and Enrico Moretti examines the costs
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resulting from the reduced flow of workers to more productive regions within the
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United States due to rising housing prices. The authors conclude that land use
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restrictions depress annual U.S. wages by $1.27 trillion and output by $1.95
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trillion.[3][4]
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If land use restrictions create these problems, why do they persist? In part,
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the costs of restricting land use in a given location are incurred by workers
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who would benefit from moving to that location, and who as such do not yet live
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there. Since restrictions are created at the local level, they are insensitive
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to the interests of these workers, who do not vote in those jurisdictions. Other
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costs of restricting land use—such as reduced economic output—are dispersed
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across society as a whole. Public choice theory explains why governments neglect
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these costs and instead focus on the concentrated benefits to landowners—even
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if, in the aggregate, the costs vastly outweigh the benefits.
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Possible solutions
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Open Philanthropy and 80,000 Hours have proposed a number of solutions to the
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problems caused by land use restrictions, which are quoted below. Policy options
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Promising options open to policymakers include the following:[2]
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"Local governments in high-wage high-regulation metropolitan areas could
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simply 'upzone', permitting more and denser development." "Local governments
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could change the process by which they decide how to regulate land use. For
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example, they could adopt a 'zoning budget' targeting an overall level of
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housing growth, so that restrictions in one area would have to be balanced
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by expansions elsewhere. This would help align incentives of advocates for
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individual projects to support greater overall growth." "Decision-making in
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land use policy could be re-assigned from local to regional or state
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authorities, which would likely be less susceptible to neighborhood pressure
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to oppose new development."
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Funding options
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Promising options open to funders include the following:[5]
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Fund existing local groups, such as YIMBY Action, California YIMBY or Open
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New York, or potential new groups in key housing markets. "Fund a campaign
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to move land use decision-making power from the local to the regional or
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state level. We are not aware of any existing arrangements of this form in
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the United States, or of any active efforts to promote them, so this would
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likely be an exercise in 'active funding.'" "Support the development of a
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policy consensus (for example, by convening conferences or sponsoring work
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on this issue in prominent think tanks). This would have the benefits of
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both encouraging coordination on this issue by policymakers, and improving
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our understanding of what policy changes are most likely to be beneficial."
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* https://www.openphilanthropy.org/focus/housing-policy-reform/
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We seek to reduce the harms caused by excessively restrictive regulations on
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local housing.
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Local laws often prohibit the construction of dense new housing, which has
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contributed to rising housing prices and lower affordability for renters and
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buyers.
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Ratio of median house price and median household income in the US, 1967-2021 (US
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Census Bureau). House price data is MSPUS; median household income is from
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Income in the US Table D-1.
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These price increases are pronounced in large, high-wage metro areas (e.g., New
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York, Boston, San Francisco, Los Angeles, Seattle, and Washington D.C.). More
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permissive policy which enabled a greater supply of housing in those areas could
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unlock value by:
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Encouraging economic growth through greater innovation and agglomeration.
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Increasing the earnings of individuals moving to high-wage jobs in those
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areas. Enabling more people to live in denser areas, which have lower carbon
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emissions. Redistributing wealth and income to lower-income households and
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supporting access to housing for lower earners.
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Changing housing policy laws is unusually valuable because there is a huge
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amount of private capital and firms dedicated to building new homes. Removing
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restrictions on building — especially denser construction in cities — unlocks
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that capital to be deployed much more efficiently without requiring
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philanthropists or government to directly subsidize construction. Indeed, the
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evidence is clear that “upzoning” (removing restrictions on denser housing) can
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lead to increases in supply and reductions in prices, and several recent studies
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conclude that building new homes (even market-rate homes) tends to make housing
|
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more affordable, including for low-income households.
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Considering these potential gains, we think that working toward more permissive
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housing policy from a public-interest perspective (as opposed to lobbying for
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specific developments) appears neglected in those key regions. We began making
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housing policy grants in 2015 and were early supporters of the YIMBY movement,
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which supports people to advocate for permissive zoning and development in their
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local areas. Since that time, we have seen significant growth in the movement
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and notable policy breakthroughs. Successes our grantees have been involved in
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include: the growth of Accessory Dwelling Unit (ADU) reform in California and
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Seattle, bills supporting middle housing and ADUs in Washington state, and
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further legislative success in California for housing on commercial corridors
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and removing parking mandates near transit.
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BIN
20??-??-??-land-use-policy/talk.pdf
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\documentclass{beamer}
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% \usetheme{CambridgeUS}
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\title{Rethinking Land Use: Effective Altruism Meets Georgism}
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\subtitle{Mental frameworks for policy level interventions}
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\author{Your Name}
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\date{\today}
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\AtBeginSection[] {
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\begin{frame}
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\frametitle{Table of Contents} \tableofcontents[currentsection]
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\end{frame}
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}
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\begin{document}
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\begin{frame}
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\titlepage
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\end{frame}
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\begin{frame}{Welcome and Context}
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\begin{itemize}
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\item \textbf{Welcome!} Today, we'll explore Georgism—an economic philosophy
|
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|
with potential relevance for effective altruists.
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\item \textbf{Effective Altruism (EA):} A movement dedicated to using evidence
|
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|
and reason to find the most effective ways to improve the world.
|
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\item \textbf{Why discuss Georgism here?}
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\begin{itemize}
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\item EA seeks high-impact solutions to pressing global problems.
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\item Georgism offers a distinctive approach to addressing poverty,
|
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inequality, and resource allocation.
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\item \emph{Land Use Reform} as cause area
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\end{itemize}
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\end{itemize}
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\end{frame}
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\begin{frame}{Motivation for the Land Use Reform Cause Area}
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\begin{itemize}
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\item Increased wealth transform from renters to landowners, reduction of both
|
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|
wages and total economic output by preventing workers from relocating where
|
||||||
|
they can be most productive
|
||||||
|
\item Building permits, Zooning Laws and Nimbyism as structural roadblocks to
|
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|
societal improvement
|
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|
\item Surface Sealing, Car focus
|
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|
\item Housing Crisis as everything crisis
|
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|
\end{itemize}
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|
\end{frame}
|
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|
|
||||||
|
\begin{frame}
|
||||||
|
|
||||||
|
If land use restrictions create these problems, why do they persist? In part,
|
||||||
|
the costs of restricting land use in a given location are incurred by workers
|
||||||
|
who would benefit from moving to that location, and who as such do not yet
|
||||||
|
live there. Since restrictions are created at the local level, they are
|
||||||
|
insensitive to the interests of these workers, who do not vote in those
|
||||||
|
jurisdictions. Other costs of restricting land use—such as reduced economic
|
||||||
|
output—are dispersed across society as a whole. Public choice theory explains
|
||||||
|
why governments neglect these costs and instead focus on the concentrated
|
||||||
|
benefits to landowners—even if, in the aggregate, the costs vastly outweigh
|
||||||
|
the benefits.
|
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|
|
||||||
|
\end{frame}
|
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|
|
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\begin{frame}{Why Might Georgism Interest Effective Altruists?}
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\begin{itemize}
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|
\item \textbf{Root Cause Focus:} Georgism targets the root causes of social
|
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|
and economic problems, rather than just symptoms.
|
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|
\item \textbf{Systemic Change:} Proposes reforms with potential for
|
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|
large-scale, sustainable impact.
|
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|
\item \textbf{Alignment with EA Values:}
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\begin{itemize}
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|
\item Promotes fairness and justice in resource distribution.
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|
\item Aims to maximize social welfare and reduce poverty.
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|
\end{itemize}
|
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|
\item \textbf{Room for More Impact:} Land value taxation and related ideas are
|
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underexplored in mainstream policy, presenting an opportunity for neglected,
|
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high-leverage action.
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\end{itemize}
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|
\end{frame}
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\begin{frame}{What is Georgism? (Preview)}
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\begin{itemize}
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\item Economic philosophy developed by Henry George (1839–1897)
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\item \textbf{Core idea:} People should keep what they produce, but the value of
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|
land and natural resources belongs equally to all
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\item \textbf{Focus:} Fair distribution of \textit{economic rent} from land,
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natural monopolies, and the commons
|
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\item \textbf{Main policy:} Land Value Tax (LVT) — taxing the unimproved value
|
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|
of land, not labor or productive capital
|
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\item \textbf{Goal:} Reduce poverty, increase fairness, and fund public goods
|
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|
efficiently.
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|
\end{itemize}
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|
\end{frame}
|
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|
|
||||||
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\begin{frame}{Why Should Effective Altruists Care?}
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\begin{itemize}
|
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\item Georgism addresses \textbf{systemic causes} of poverty and inequality
|
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|
\item LVT is efficient, evidence-based, and minimizes economic distortions
|
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|
\item Revenues can fund public goods, reduce regressive taxes, or provide a
|
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|
basic income
|
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|
\item Historical and modern examples show practical impact (e.g., land reforms
|
||||||
|
in Taiwan, Japan, and pilot communities)
|
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|
\end{itemize}
|
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|
\end{frame}
|
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|
|
||||||
|
\begin{frame}{Georgism and Effective Altruism Values}
|
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|
\begin{itemize}
|
||||||
|
\item \textbf{Prioritization:} Tackles neglected root causes of global problems
|
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|
\item \textbf{Evidence-based:} Supported by economists for efficiency and
|
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|
fairness
|
||||||
|
\item \textbf{Global Wellbeing:} Aims to eliminate poverty and promote
|
||||||
|
prosperity for all
|
||||||
|
\item \textbf{Systemic Change:} Offers a scalable, policy-level intervention
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
%\begin{frame}{Today's Agenda}
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% \begin{itemize}
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% \item Brief history and fundamentals of Georgism
|
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|
% \item Exploring core concepts further: economic rent, land value tax
|
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|
% \item How Georgism addresses issues central to EA: poverty, inequality, and
|
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|
% efficient philanthropy
|
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|
% \item How might Georgist policies fit into EA cause prioritization?
|
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|
% \item Critiques and open questions
|
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|
% \item Q\&A and discussion
|
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% \end{itemize}
|
||||||
|
%\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Outline of talk}
|
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|
\tableofcontents
|
||||||
|
\end{frame}
|
||||||
|
|
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|
\section{A brief history}
|
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|
|
||||||
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\begin{frame}{What Is Georgism?}
|
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|
\begin{itemize}
|
||||||
|
\item \textbf{Georgism} (also known as Geoism or the Single Tax Theory) is a
|
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|
social economic philosophy developed by Henry George in the late 19th
|
||||||
|
century.
|
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|
\item Core idea: \textbf{People should own the value they produce}, but the
|
||||||
|
\textbf{economic rent from land and natural resources should belong equally
|
||||||
|
to all of society}.
|
||||||
|
\item Focuses on land, natural resources, and the commons as sources of
|
||||||
|
unearned income that should be shared.
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Historical Background}
|
||||||
|
\begin{itemize}
|
||||||
|
\item Emerged in the late 19th century, rooted in classical liberalism and
|
||||||
|
political economy.
|
||||||
|
\item Influenced by thinkers like John Locke, Adam Smith, and John Stuart
|
||||||
|
Mill.
|
||||||
|
\item Sought to address persistent poverty despite technological progress and
|
||||||
|
wealth creation.
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Key Figure: Henry George}
|
||||||
|
\begin{itemize}
|
||||||
|
\item American economist and social reformer (1839–1897).
|
||||||
|
\item Author of \textit{Progress and Poverty} (1879), a bestseller second only
|
||||||
|
to the Bible in the US at the time.
|
||||||
|
\item Sought to explain why poverty persists alongside economic growth,
|
||||||
|
identifying private land rent as a key culprit.
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\section{The Law of Rent}
|
||||||
|
|
||||||
|
\begin{frame}{David Ricardo and the Law of Rent}
|
||||||
|
\textbf{David Ricardo (1772--1823)} was a prominent classical economist who
|
||||||
|
formulated the Law of Rent in his 1817 work \textit{On the Principles of
|
||||||
|
Political Economy and Taxation}.
|
||||||
|
|
||||||
|
\vspace{0.5cm} %
|
||||||
|
\textit{“Rent is always the difference between the produce obtained by the
|
||||||
|
employment of two equal quantities of capital and labour.”}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}
|
||||||
|
\begin{figure}
|
||||||
|
\centering %
|
||||||
|
\url{https://www.youtube.com/watch?v=0yltJHY6g5I}
|
||||||
|
\end{figure}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}
|
||||||
|
\begin{figure}
|
||||||
|
\centering %
|
||||||
|
\only<1>{\includegraphics[width=\textwidth]{figures/rent1}}
|
||||||
|
\only<2>{\includegraphics[width=\textwidth]{figures/rent2}}
|
||||||
|
\only<3>{\includegraphics[width=\textwidth]{figures/rent3}}
|
||||||
|
\only<4>{\includegraphics[width=\textwidth]{figures/rent4}}
|
||||||
|
\only<5>{\includegraphics[width=\textwidth]{figures/rent5}}
|
||||||
|
\only<6>{\includegraphics[width=\textwidth]{figures/rent6}}
|
||||||
|
\only<7>{\includegraphics[width=\textwidth]{figures/rent7}}
|
||||||
|
\only<8>{\includegraphics[width=\textwidth]{figures/rent8}}
|
||||||
|
\only<9>{\includegraphics[width=\textwidth]{figures/rent9}}
|
||||||
|
\end{figure}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}
|
||||||
|
\begin{figure}
|
||||||
|
\centering %
|
||||||
|
\includegraphics[width=\textwidth]{figures/calculator}
|
||||||
|
\end{figure}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}
|
||||||
|
\textbf{Ricardo's Law of Rent:}
|
||||||
|
\begin{itemize}
|
||||||
|
\item \textbf{Definition:} Rent is the portion of the produce of the earth
|
||||||
|
paid to the landlord for the use of the original and indestructible powers
|
||||||
|
of the soil.
|
||||||
|
\item \textbf{Key Principle:} Rent arises due to differences in land fertility
|
||||||
|
and location. It is the economic advantage obtained by using a land site in
|
||||||
|
its most productive use, relative to the advantage from using marginal
|
||||||
|
(rent-free) land, given the same inputs of labor and capital.
|
||||||
|
\item \textbf{Marginal Land:} The least productive land in use, which earns
|
||||||
|
zero rent. All other land earns rent equal to its excess productivity over
|
||||||
|
marginal land.
|
||||||
|
\item \textbf{Implications:}
|
||||||
|
\begin{itemize}
|
||||||
|
\item As population grows, less fertile land is cultivated, increasing
|
||||||
|
rent on superior land.
|
||||||
|
\item Rent does not enter into the cost of production; it is a surplus
|
||||||
|
accruing to landowners.
|
||||||
|
\end{itemize}
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\section{Core Principles}
|
||||||
|
|
||||||
|
\begin{frame}{The Central Principle}
|
||||||
|
\begin{itemize}
|
||||||
|
\item \textbf{Distinction:} People own what they produce, but land and natural
|
||||||
|
resources are not produced by anyone.
|
||||||
|
\item \textbf{Single Tax:} Proposes a tax on land value (not on labor or
|
||||||
|
capital) to fund public goods and reduce inequality.
|
||||||
|
\item \textbf{Goal:} Economic efficiency, social justice, and reduction of
|
||||||
|
poverty by sharing unearned income from land.
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{The few different ways to make money in the economy}
|
||||||
|
\begin{itemize}
|
||||||
|
\item Labor: You can sell your time to produce more of a valuable good or
|
||||||
|
service.
|
||||||
|
\item Capital: You can lend someone else your money, allowing them to make
|
||||||
|
investments that will produce more valuable stuff.
|
||||||
|
\item Information: You can do research, developing and selling knowledge of
|
||||||
|
ways to create more valuable stuff.
|
||||||
|
\item Entrepreneurship: You can take on personal risk and leverage the labor,
|
||||||
|
capital, and information of others to create new valuable stuff.
|
||||||
|
\end{itemize}
|
||||||
|
And then there's land ownership. You can buy land, and then you collect rent
|
||||||
|
from people who want to use your land.
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Problems with land ownership}
|
||||||
|
\begin{itemize}
|
||||||
|
\item (scarcity) there's a fixed supply of land. Realistically you can't
|
||||||
|
create or destroy land (surface, which a mathematical area).
|
||||||
|
\item (inelasticity) the demand for land is very stable. You can't decide to
|
||||||
|
just not take up any physical space tomorrow.
|
||||||
|
\end{itemize}
|
||||||
|
This means
|
||||||
|
\begin{itemize}
|
||||||
|
\item landowners are effectively always running an auction for land use
|
||||||
|
\item the rent for land use keeps rising to the highest rate someone is
|
||||||
|
willing to pay.
|
||||||
|
\item because you can't make more land, land owners get to capture more and
|
||||||
|
more value as the economy grows, without the land owners actually doing
|
||||||
|
anything valuable.
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Actually, there are a few other things like land}
|
||||||
|
\begin{itemize}
|
||||||
|
\item domains
|
||||||
|
\item patents
|
||||||
|
\item electromagnetic frequencies
|
||||||
|
\item satellite orbits
|
||||||
|
\end{itemize}
|
||||||
|
(my) rule of thumb: if the thing you pay for is more like a right of usage
|
||||||
|
than an actual item, then the market for it is economically similar to the
|
||||||
|
land market
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Land value is (mostly) the value of society}
|
||||||
|
\small{
|
||||||
|
\begin{itemize}
|
||||||
|
\item Close to essential services like schools, hospitals, shopping centers,
|
||||||
|
and recreational facilities
|
||||||
|
\item Easy access to public transportation and major highways
|
||||||
|
\item Near cultural amenities like theaters, museums, and restaurants
|
||||||
|
\item Safe area with low crime rates
|
||||||
|
\item Well-maintained public spaces and active community organizations
|
||||||
|
\item Strong sense of community with local events and activities
|
||||||
|
\item Located in an area with job opportunities and economic stability
|
||||||
|
\item Presence of thriving businesses and a flourishing local economy
|
||||||
|
\item Upcoming infrastructure projects or public improvements planned
|
||||||
|
\item Zoning changes that allow for increased development potential
|
||||||
|
\item Scenic views or natural beauty
|
||||||
|
\end{itemize}}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{General Moral Foundation}
|
||||||
|
\begin{itemize}
|
||||||
|
\item Everyone should benefit from natural resources and societal progress.
|
||||||
|
\item Privately created wealth remains private; socially created wealth (land
|
||||||
|
rent) is shared
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\section{Main Policy Proposals}
|
||||||
|
|
||||||
|
\begin{frame}{Basic Argument\footnote{inspired by this discussion:
|
||||||
|
\url{https://old.reddit.com/r/georgism/comments/1esw8l9/where_do_you_start_when_introducing_georgism_to/}}}
|
||||||
|
\begin{small}
|
||||||
|
\vspace{-0.3cm}
|
||||||
|
\begin{itemize}
|
||||||
|
\item Nobody likes taxes, but we gotta pay for some stuff, so we should tax in
|
||||||
|
the least destructive way we can.
|
||||||
|
\item Turns out, land has this neat property where we can't really create it
|
||||||
|
or destroy it, so it's almost immune to distortionary taxes.
|
||||||
|
\item Plus, land has this ugly tendency to get hoarded and milked as a source
|
||||||
|
of income for people who don't actually contribute anything to society.
|
||||||
|
\item Plus plus, because of the eccentricities of how land works, you can tax
|
||||||
|
land a fair amount before landlords can pass those costs on to land users.
|
||||||
|
\item So, we can cut a bunch of bad taxes, like income tax and sales tax,
|
||||||
|
replace them with a tax on unearned income from land, and make almost
|
||||||
|
everybody better off!
|
||||||
|
\end{itemize}
|
||||||
|
\end{small}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{Destructive Taxes - An Example}
|
||||||
|
\begin{itemize}
|
||||||
|
\item Imagine there will be a 10\% tax on apple sauce starting next year.
|
||||||
|
\item Producers are allowed to pass them to the consumer (as usual, and it can
|
||||||
|
not be prevented really)
|
||||||
|
\item Prices will increase by almost exactly 10\% (all things being equal)
|
||||||
|
\item Less people will buy apple sauce, even though the underlying demand does
|
||||||
|
not change
|
||||||
|
\item In a year's time, there will be around 10\% less apple sauce, because
|
||||||
|
here supply follows demand
|
||||||
|
\item Now imagine this for other, more important goods, like medicine and
|
||||||
|
income taxes that affect prices indirectly
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}{A tax on land value has no dead weight}
|
||||||
|
\begin{minipage}{0.45\textwidth}
|
||||||
|
\begin{figure}
|
||||||
|
\centering \includegraphics[width=\textwidth]{figures/dead-weight}
|
||||||
|
\end{figure}
|
||||||
|
\end{minipage}
|
||||||
|
\begin{minipage}{0.45\textwidth}
|
||||||
|
\begin{figure}
|
||||||
|
\centering \includegraphics[width=\textwidth]{figures/no-dead-weight}
|
||||||
|
\end{figure}
|
||||||
|
\end{minipage}
|
||||||
|
\vspace{0.1cm}\\
|
||||||
|
\footnotesize{
|
||||||
|
\textit{price ceiling} means \textit{price before tax} in this context\\
|
||||||
|
source (left): \url{https://en.wikipedia.org/wiki/Deadweight_loss}\\
|
||||||
|
source (right): \url{https://en.wikipedia.org/wiki/Land_value_tax} }
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
\begin{frame}
|
||||||
|
\begin{itemize}
|
||||||
|
\item empty houses/flats will be put on the market because it is financially
|
||||||
|
reasonable to do so
|
||||||
|
\item additionally there is now incentive to building new houses on vacant
|
||||||
|
lots or add floors to existing buildings in high demand locations
|
||||||
|
\item the rent distribution will shift downwards
|
||||||
|
\item (small) businesses will have an easier time finding locations or
|
||||||
|
operating in the existing ones
|
||||||
|
\item people will move into the city
|
||||||
|
\item public infrastructure can be funded better
|
||||||
|
\item if land value is faithfully reflected in parking tickets, people will
|
||||||
|
park cars on their own property or get rid of it
|
||||||
|
\item tax evasion will become impossible
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
% map of consequences ?
|
||||||
|
|
||||||
|
\begin{frame}{General Expected Outcomes}
|
||||||
|
\begin{itemize}
|
||||||
|
\item More equitable distribution of wealth.
|
||||||
|
\item Incentives for productive use of land.
|
||||||
|
\item Reduction in speculative land holding and economic inefficiency
|
||||||
|
\end{itemize}
|
||||||
|
\end{frame}
|
||||||
|
|
||||||
|
|
||||||
|
\end{document}
|