Johns Hopkins University Circulars, Vol. 18

Johns Hopkins University Circulars, Vol. 18 : March, 1899 (Classic Reprint)

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Excerpt from Johns Hopkins University Circulars, Vol. 18: March, 1899
His antipathy to protective duties, income taxes, and progressive taxation in general, is too well known to require any comment. The most distinctive principle of his system relates to immaterial wealth, securities, evidences of indebtedness, etc., which he distinguishes from property as shadow from substance. Taxation, he claimed, should be upon things; not Upon persons and not upon the shadows of things. In accordance with his views he offered the following definition of property, which is, I think, unique Property, at least for the purpose of taxation, is always a physical actu ality, with inhering rights or titles, the product solely of labor, and is always measured in respect to value and for exchange by labor. Mr. Wells is thus a positive advocate Of the Labor theory of value, and I may take occasion here to point out, that his money argument in the Recent Economic Changes is valid only on the assumption of the validity of the Labor Standard.
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Product details

  • Paperback | 28 pages
  • 152 x 229 x 2mm | 50g
  • Forgotten Books
  • English
  • 19 Illustrations; Illustrations, black and white
  • 0243165617
  • 9780243165612