Unearned increment
Encyclopedia
Unearned increment is an increase in the value of land
or any property
without expenditure of any kind on the part of the proprietor; it is a early statement of the notion of unearned income
. It was coined by John Stuart Mill
, who proposed taxing it. Mill's concept was refined and developed by nineteenth-century economist Henry George
in his book Progress and Poverty
(1879).
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
or any property
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
without expenditure of any kind on the part of the proprietor; it is a early statement of the notion of unearned income
Unearned income
Unearned income is a term in economics that has different meanings and implications depending on the theoretical frame. To classical economists, with their emphasis on dynamic competition, income not subject to competition are “rents” or unearned income, such as incomes attributable to...
. It was coined by John Stuart Mill
John Stuart Mill
John Stuart Mill was a British philosopher, economist and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of...
, who proposed taxing it. Mill's concept was refined and developed by nineteenth-century economist Henry George
Henry George
Henry George was an American writer, politician and political economist, who was the most influential proponent of the land value tax, also known as the "single tax" on land...
in his book Progress and Poverty
Progress and Poverty
Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy was written by Henry George in 1879...
(1879).