Re: better tax code: no income tax, head tax (&| ppty t)
- From: jmh <jmhall@xxxxxxxxxxxxxxxxxxx>
- Date: Sat, 01 Mar 2008 15:37:12 GMT
On 2008-02-29, royls@xxxxxxxxx <royls@xxxxxxxxx> wrote:
On Thu, 28 Feb 2008 14:02:25 -0500, RogerDodger <none@xxxxxxxxxxxx>
wrote:
On Thu, 28 Feb 2008 08:24:39 -0800 (PST), Lysander
<lysander@xxxxxxxxxxx> wrote:
On Feb 28, 3:37 am, ro...@xxxxxxxxx wrote:
On Wed, 27 Feb 2008 15:39:05 -0800 (PST), Lysander
Labor supply is very inelastic like land supply is.
Wrong. The supply of land is fixed. The supply of labor is not.
Even if Roy was right about land and he is not there is never a fixed
supply of anything, he is still being awfully dense here. If the
elasticity of supply of raw land is 0 and the elasticity of supply of
labor is .00001 then they are pretty close. The labor supply curve is
very close to perfectly inelastic. When one understands that a supply
curve is the pairing of prices and the corresponding amount that
PEOPLE ARE WILLING TO SELL AT THAT PRICE, it is obvious the amount of
land in existence has nothing to do with whether or not the supply
curve is perfectly inelastic.
Of course, supply is the amount of something *brought to market*, not
the amount of something existing in the physical universe.
No, it is the total amount available for purchase. If no one tries to
sell a Rembrandt on the market in a given year, it doesn't mean the
supply of Rembrandts is zero. It just means the market is illiquid.
If there are no sellers in the market at some
time period there is NO supply at that time.
It could be a case of liquidity and the potential
sellers simply have no expectation of finding
suitable buers so therefore do not take their
product to market.
Typically one thinks of demand side problems
when talking about illiquid markets -- things
like the speed with which a supplier can sell
at reasonable price for the product. For instance,
I can sell my house very quickly for $10 but
to get a price that is comparable to similar
houses there's a significant search time typically.
jmh
.
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