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Understanding Rents in the Real Economy

In: Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability

Author

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  • Edward Nell

    (New School)

Abstract

George understood “progress”—economic growth—to be disruptive and innovative, taking place through developments that changed the proportions and relative prosperity of different sectors. He began his analysis with the movement of settlers to the “unbounded savannah,” where they cultivated fertile land, cooperated and established the division of labor, increasing productivity, and, as a result, they became a complex society with differential advantages and disadvantages to certain locations and parcels of land. Rents thus emerged (modeled using Sraffa’s equations). This picture is a good basis on which to build an approach to inequality and instability, but it is not consistent with the factor markets of conventional marginal productivity theory. George’s approach is superior.

Suggested Citation

  • Edward Nell, 2019. "Understanding Rents in the Real Economy," Palgrave Studies on Henry George for the 21st Century, in: Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, chapter 0, pages 11-25, Palgrave Macmillan.
    • Handle: RePEc:pal:psochp:978-3-030-18663-0_2
    DOI: 10.1007/978-3-030-18663-0_2
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