http://www.bloombergview.com/articles/2015-03-03/to-fight-inequality-tax-land
Joseph Stiglitz, the Nobel-winning economist at Columbia University, recently presented a paper arguing that Piketty has misdiagnosed the problem of wealth and income inequality, including by ignoring the crucial role of land and housing. And as a result, Piketty's policy proposals may do more harm than good. Stiglitz thus urges that policy makers distinguish between wealth, which includes land, and productive capital, which doesn't. The distinction is important because an increase in the value of land and housing -- unlike an increase in other forms of capital, such as computers and equipment -- doesn't necessarily increase our capacity to produce goods and services. It doesn't imply that we have any more land to use. Stiglitz also argues for imposing a land value tax, to directly address this source of increasing wealth inequality. | 
