Smarter / more ambitious isn't so simple that the same men will come out on top in all systems.
Bad systems will actually select in favor of bad characteristics because those men will owe more to the system.
#bioleninism
You think the woman who inherited the property and hasn't maintained it at all is passing it to her children? Is she even having children? Once the property changes hands under the new market conditions the new owners will be under the gun to make it pay as well as possible.
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Right, so prop 13 means if you have any kids at all, it's better to pass it on and keep the tax basis your grandfather had than sell it to a stranger and have it re-assessed. But if that's your notion of "markets", then it's not working, as that's a 200 year transition.
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It's always better to pass property within the family. The adjustment doesn't take 200 years or 100 years. One generation at most and there's no other alternative that doesn't feed exactly the problem that Demilich pointed out. If descendants don't inherit, strivers do.
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