Note 1207 — Chapter II · : THE THEORY OF RENT AND ITS APPLICATIONS

M. Einaudi, however, in his excellent Studi sugli effetti delle imposte, p. 125 (Turin, 1902), remarks that this principle of indemnifying losses leads directly to a State guarantee of values—the expediency of which is at least problematic. He makes the further observation that the compensation would often be paid to a person other than the one who paid the tax when it was levied—the property in the meantime having changed hands.