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Growth and 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

Settlement and growth are explored in more detail and the processes driving up rents are modeled mathematically. Net aggregate product is increased each period by growth, and at the same time rents are driven up each period. Total land value is the capitalized value of rents capitalized at the long-term rate of interest, usually very close to the rate of growth. The formula derived here allows for growth to drive rents strongly or weakly, and for the growth rate to differ from the interest rate; but it nevertheless shows that George’s insight was well founded.

Suggested Citation

  • Edward Nell, 2019. "Growth and 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 27-33, Palgrave Macmillan.
    • Handle: RePEc:pal:psochp:978-3-030-18663-0_3
    DOI: 10.1007/978-3-030-18663-0_3
    as

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