The corruption of economics
Shepheard-Walwyn in association with Centre for Incentive Taxation, 1994 - Business & Economics - 271 pages
Condemning the post-industrial economy to protracted periods of economic failure, this thought-provoking book documents how the integrity of economics as a discipline was deliberately compromised in the United States towards the end of the 19th century. Several chairs of economics were funded at leading universities to rebrand economics to justify unearned income. The tools for this strategy became neo-classical economics, and, unlike classical economists like Adam Smith who described wealth as the product of three factors-land, labor, and capital-the new theorists reduced these to two: labor and capital, thus treating land as capital. This concealed the benefits enjoyed by those in receipt of the rent from land. The effect, the authors reveal, was to deprive professional economists of the ability to diagnose problems, forecast important trends, and prescribe solutions.
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Neoclassical Economics as a Stratagem
The Georgist Paradigm
Postscript on neoclassical economics
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19th century academic American Economic Association Andrew Dickson White Barber benefits California capitalist Chicago City Cornell cost debate distribution economists Edgeworth efficiency Ely's factors of production Fetter Frank Knight Fred Harrison Gaffney Galbraith George's Georgist paradigm Gilman Henry George ideas income individual Institute interest investment J.B. Clark John Jorgensen labor labour and capital land and capital land Economics land rent land speculation land taxes land values landowners Macmillan marginal market economy Marshall Marx Mason Mason Gaffney monopoly Murray Milgate eds natural resources NCEists neo-classical economics owners ownership Pareto Peter Newman philosophy President principles problems Professor Progress and Poverty property tax public finance public revenue rates reform rent of land rent-takers Seligman Single Tax single-tax social system society Spahr system of public tax on land taxation theory unearned urban wages wealth welfare Wicksteed York