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On Henry George, the Austrians, and Neoclassical Choice Theory
Author(s) -
Jonsson Petur O.
Publication year - 1997
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.1997.tb02660.x
Subject(s) - george (robot) , neoclassical economics , foundation (evidence) , economics , positive economics , law and economics , law , political science , history , art history
A bstract . 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.