May. 2nd, 2017

To continue with the book launch of "RENT UNMASKED: Essays in Honor of Mason Gaffney," back on Tuesday, August 16, Dr. Fred Foldvary spoke about Professor Kris Feders's chapter. Mason uses Austrian ideas, and refers to "capital goods," rather than capital, and discusses the time structure of capital goods.

Mason Gaffney introduced the idea that taxes affect capital goods structure. A tax on gross revenue is the worst. The "producer surplus" of standard Econ textbooks is rent. Do all taxes come out of rent? [This is a disputed point among Georgists. Certainly some taxes come out of rent.]

Dr. Polly Cleveland spoke about Adam Smith and the Physiocrats, who were pro-LVT. Henry George was the last of the classical economists. George and Marx made trouble by pointing out the revolutionary potential of classical political economy, so the establishment replaced classical political economy with "neoclassical" economics. John Bates Clarke merged capital and land, so the workers were not exploited, they were paid the marginal value of their labor. The automobile led to land development. In 1926, the bubble burst; later came the credit crunch and the Great Depression.

Dr. Fred Foldvary spoke about his own chapter, "Shifting the Landscape: Mason Gaffney as the Ultimate Heterodox Economist." There are different schools of economics, including the Georgist or Geoclaasical. Neoclassical economics isn't all wrong, but is incomplete.

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