The Spatial Market Process

David Andersson

A chapter in The Spatial Market Process, 2012, pp ix-xvi from Emerald Group Publishing Limited

Abstract: In “An Austrian Theory of Spatial Land,” Fred E. Foldvary addresses the disregard of spatial issues in basic Austrian economic theory as formulated by CarlMenger (1871)and elaborated upon by Ludwig vonMises (1940). Foldvary shows that Johann Heinrich von Thünen (1826) and Henry George (1879/1884), in particular, serve to fill these gaps in the classical Austrian theory of the market process. Moreover, a theory that incorporates spatial land leads to the conclusion that Austrian business cycle theory is incomplete: The “malspeculation” that accompanies urbanization whenever capital and labor rather than land are the main sources of tax revenue will have to be added to the malinvestment that is caused by expansionary monetary policies.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-2134(2012)0000016003

DOI: 10.1108/S1529-2134(2012)0000016003

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