What is Georgism?

 

[VIDEO] So that you might understand what Mr. Beat is discussing here, a man named Henry George essentially created an economic ideal called Georgism from Wiki:

Georgism, also called in modern times geoism and known historically as the single tax movement, is an economic ideology holding that, although people should own the value they produce themselves, the economic rent derived from land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to social and ecological problems, based on principles of land rights and public finance which attempt to integrate economic efficiency with social justice.

Economics is a weak subject of mine, it just goes over my head. However this theory is about land, even now in a time of cryptocurrencies or even NFTs, is one way to measure a person's wealth. So I suppose this theory suggests that this same land should belong to everyone as it's an important resource and it should be put to productive use.

Now this is where I could go over your head. You might drive in a depressed neighborhood and ride past vacant lots or an abandoned building. Well in a city like Chicago, it would be best to put those lots and buildings to use so that at the very least we can charge property tax on them. To put them to productive use for people to live or even to provide a product or service is beneficial.

At the same time it would be nice to eliminate the idea of an income tax and having a land value tax seems like a great idea if it can ever be implemented. After watching this video what do you think of this? Any economists in the house?