On Henry George, the Austrians, and Neoclassical Choice Theory: A New Look at the Similarities between George and the Austrians
The American Journal of Economics and Sociology, Vol. 56, No. 4, pp. 577-594, Oct. 1997
Posted: 15 Jun 2016
Date Written: October 1, 1997
Abstract
Henry George and the Austrians disagreed on whether land is inherently different from other factors. Beyond this, they had much in common. The paper specifically argues that the similarities between George and the Austrians are derived from a similar underlying approach to choice. Both relied on a subjective choice framework which yields a foundation that is quite different from that of Walrasian neoclassical economics. As a result, George and the Austrians held similar views on innovation and progress. Moreover, these views are incompatible with neoclassical choice theory which is not really equipped to deal with innovation.
Keywords: Henry George, Land, Austrian Economics
JEL Classification: B12, B31, B41
Suggested Citation: Suggested Citation