A New Look at the “Henry George Theorem”

Edward Nell
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Edward Nell: New School

Chapter Chapter 4 in Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 2019, pp 35-49 from Palgrave Macmillan

Abstract: Abstract The Henry George Theorem states that the level of total rents in a country is nearly equal to the total costs of government in that area. There are several unconvincing “proofs” that make this claim. A widely circulated such proof, when inspected closely, is incoherent and unrealistic in its assumptions. Applying the previous chapter’s approach, one can develop a model that shows how rents and the growth of government move together, while allowing for plausible divergences. This suggests that the Henry George Theorem offers a good approach and should figure in policy discussions. An appendix by Andrew Mazzone recalculates rents in the 2016 US National Accounts and shows that redefining rents in a more inclusive manner suggests that rents could come close to financing the costs of government.

Keywords: Henry George Theorem; Economic policy; Demand pressure; Rent tax (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psochp:978-3-030-18663-0_4

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DOI: 10.1007/978-3-030-18663-0_4

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