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Reply to the Caplan and Gochenour critique of Georgism

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  • Fred Foldvary

Abstract

This paper refutes the proposition by Caplan and Gochenour that there is no such thing as natural resources because all goods are produced. Caplan and Gochenour use that proposition to argue against the reform proposal of Henry George and his followers, to replace all taxes with a single tax on land value. The rebuttal to Caplan and Gochenour made by this paper is that the discovery of a resource does not constitute its production. The refutation here argues that entrepreneurship and investment create human capital and capital goods, not natural resources. Discovery is not the same as invention or production. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Fred Foldvary, 2014. "Reply to the Caplan and Gochenour critique of Georgism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 451-461, December.
    • Handle: RePEc:kap:revaec:v:27:y:2014:i:4:p:451-461
    DOI: 10.1007/s11138-013-0243-7
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    References listed on IDEAS

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    1. F. H. Knight, 1924. "Some Fallacies in the Interpretation of Social Cost," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 38(4), pages 582-606.
    2. Zachary Gochenour & Bryan Caplan, 2013. "An entrepreneurial critique of Georgism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(4), pages 483-491, December.
    3. Fred E. Foldvary, 1994. "Public Goods And Private Communities," Books, Edward Elgar Publishing, number 167.
    4. Nicolaus Tideman & Florenz Plassmann, 2004. "27 Knight: Nemesis from the Chicago School," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(2), pages 381-409, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Land; Taxation; Henry George; Rent; Entrepreneurship; B59; H21; Q15;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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