Re:Why Americans Work So Much Despite Keynes's Prediction
by djhn on Monday January 11, 2016 @07:51AM
(#10880481)
George is also fairly "antique" as far as macroeconomists go. It's not too much of an exaggeration that anything from before the ~1950's is consider little more than curiosities that illustrate progress of economics thought.
For the most comprehensive book on the subject, see http://www.amazon.com/Modern-Macroeconomics-Origins-Developm...
Re:Why Americans Work So Much Despite Keynes's Prediction
by ScottBurson on Monday January 11, 2016 @02:47PM
(#10882836)
> Then in the next chapter, 12, he falls into a sort of absurdity about the nature of interest
Yes, I noticed that too. I'm not enough of an economist (obviously) to know what he should have said instead.
It's a weakness, but I don't think it's fatal to his key point, which is that urban land values are socially created and should benefit society as a whole.
That's not an advanced enough theory of why there's interest on capital and the rate of it. It doesn't even seem quite sane, in comparison with the example of reasoning that he was setting and teaching up to that point. There should be some school of economics that promotes a George-like view of rent, but that isn't embarrassing when it comes to explaining capital and interest.