first post.

My economists is Henry George. He was born on September 2, 1839 in Philadelphia, Pennsylvania and died on October 29, 1897 at the age of 58. George was born into a lower middle class, whom he was one of 10 children. When Henry was 15 he moved to California thinking about become a gold miner but instead got a job in San Fransisco as a type setter. He later met his wife Annie Corsina Foxin in California got married and eloped in late 1861. Henry George and his wife had 4 children but after his second child Henry did not have enough money to help his family so he had to start begging for money in the streets. George was hired as a printer at The San Fransisco Times, and was able to submit some of his editorials for publication including his most famous one "What the Railroads Will Bring Us" which was something that was a mandatory reading in California school system for many decades. George worked his way up the ranks at The San Fransisco Times and eventually worked his way to become managing editor. Due to his success in the The San Fransisco Times George was finally able to have financial stability. 

On a trip to New York City George was struck by a paradox which is that the poor are much worst off in long established cities like New York City rather than new cities like California at the time. These observations served as the basis for his new book he was going to write which was called "Poverty and Progress" in 1879. This book was a great success, it sold over 3 million copies.

In 1880 after George has been established as a popular speaker and writer he decides to move to New York City. Then in 1886 George ran for mayor of New York City as a candidate of the United Labor Party. He ended up winning runner up and actually beat the popular Theodore Roosevelt. In 1890 George suffered one of many strokes he would have in his life but after his first one hoe would never be the same.

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  1. George is still remembered now for his recommendation of a land tax. If land, particularly for agriculture, has no other use, that its supply is inelastic. As we will see next week, in this case the tax creates little deadweight loss. So a land tax is a good way for government to raise money without distorting markets. (Of course the story is more complicated with land in urban areas that might be used for housing or alternatively for storefronts. If the tax rates vary by the use, then the George's point no longer holds.)

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