This would greatly slow technological progress.
Suppose I come up with a way to double yield. Under the current system, I can use the extra money I make to buy out my neighbors and hire people to apply the same technique on their fields. Under your system my technique might slowly defuse to them eventually.
Suppose I have an idea for how to improve yield but it needs an upfront investment that I can't afford (like say buying a tractor), under the current system I can use my land as collateral to get a load from the bank. Under your system that's impossible. Incidentally, I've heard the argument that this problem (namely lack of completely secure property titles) is the main reason the third world stays poor.
This is one of the good arguments. This was the problem with guilds. It was a good solution to how to have an entrepreneurial market without much inequality, sort of the best of both worlds. The trick is that price floors ensured that competition will largely happen in artisanal handwork quality, and that sort of competition is very good at producing the kind of setup where there are a lot of small vendors, not a few big ones, and thus not much inequality. A price floor for beer would kill Heineken and benefit the micros with their artisanal banana chocola...
If it's worth saying, but not worth its own post (even in Discussion), then it goes here.
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