With the website down, and the automatic mechanisms never being addressed from what I can remember, I'm curious as to what these actually refer to.

The new physiocrats website makes reference to banking reform including setting up sectoral banks. What exactly are these banks, how will they work and what will they be used for?

According to the glossary on the website:

"Sectoral Banks – These are the 16 banks which would be represented and owned by different industry sectors, with specific mandates to meet economic objectives, and which act as a mechanism to return corporate tax revenues back to business."

What exactly does this mean? What does it mean to be owned by different industry sectors?

Will these banks function similarly to regional publicly owned investment banks? Will private commercial banks still function as they currently do?

Also what do you think of mutual credit banking?

I've been toying with this concept for a long time. The government owns a company, let's call it the National Land Corporation. For a larger country, there could be state/provincial/local-owned land companies, which in turn have shares in the national one, to ensure decentralization.

These corporations are (mostly) government-owned, but autonomous and at arms-length from the government. They are aiming to maximize profits by means of capturing the maximum amount of collectible economic rents, through accurate valuations, efficient tax collection, and by building in-demand infrastructure and amenities.

A percentage of the ownership of these corporations would be owned by a fund that deals with paying out part of these revenues as a dividend (citizens dividend, wage supplement, savings supplement). This would also ensure that the shareholders demand good performance from the company.

Another percentage of the ownership of the corporation would be by a form of credit union, called the Land Access Bank, which loans money to individuals or small companies who need a more manageable and predictable way of making the LVT payments.

The company would be subject to more pressures to deliver dividends than a typical government, due to its unique corporate structure, and might have to find unique ways of increasing usable land (being in southeast Asia, I imagined something like the creation of street vendor lanes next to the sidewalk, which could be rented out). Board members could be replaced by the shareholders, just like in a company, and compensation paid out based on financial performance.

A similar corporate structure could be done for an intellectual property office, where patents are only enforced in exchange for payment (like a Harberger Tax), and the patent office works more like a company.

This in practice is not any different than the standard Georgist LVT model, but I believe by using a corporate structure and being at arms-length from the government could allow for a more streamlined operation. The idea of owning a revenue stream which can be partly paid out as a dividend or reinvested depending on how the shareholders (citizens) prefer, could also be more fiscally prudent.

Would love to hear your thoughts.

https://youtu.be/smi_iIoKybg?si=tRVB3Vd5EIv0-NKb

I'm the author of The New School of Economics, and with the recent launch of the second edition, I'm happy to answer any questions! Looking forward to from you.

I'll be around for a few hours, and can answer the remaining questions tomorrow.

I'll be hosting an AMA session on Sunday October 29th, at 8am EST.

I'm the author of The New School of Economics, and in light of the recent launch of the second edition, would love to answer any questions you might have about the book, the ideas behind it, or economic issues more broadly.

Whether you've read the book or are just curious about it, all questions will be welcome.