Thursday, April 14, 2022

How Norway taxes oil production (and why it matters)

 A very interesting post on Norway's Sovereign Wealth Fund.

"Georgist land and resource policy is basically a way of saying: if you wish to take the bounties of nature for your own private use, you must compensate the people for what you take. When it comes to land, your occupation of a plot means the exclusion of everyone else, so you must pay land value tax. When it comes to resources, you taking them out of the ground means they are lost to the next generation, so you must pay severance tax. When it comes to pollution, you have degraded the Earth itself and imposed a cost on everyone, so you must pay pigouvian taxes."

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